Total gasoline inventories decreased by 600,000 barrels last week and remain in the middle of the five-year average range. Total motor gasoline supplied averaged just less than 8.5 million barrels a day over the past four weeks — a drop of about 1.2%, compared with the same period a year ago.
Distillate inventories fell by about 2.3 million barrels last week and remain near the lower limit of the average range. Distillate product supplied averaged about 3.8 million barrels a day over the past four weeks, up about 5.5% when compared with the same period last year. Distillate production totaled 4.3 million barrels a day last week, up by about 100,000 barrels a day when compared with the prior week.
The American Petroleum Institute last night reported an inventory increase of 4.7 million barrels in crude supplies last week, together with an decrease of 5 million barrels in gasoline supplies and a drop of 1.85 million barrels in distillate supplies. Platts estimated a build of 2.5 million barrels in crude inventories. and Dow Jones had projected a rise in crude inventories of 1.5 million barrels.
Crude prices were down about 1% before the EIA report at around $96.50 a barrel and fell by about $0.30 immediately following the report.
For the past week, crude imports averaged more than 7.9 million barrels a day, a decrease of about 227,000 barrels a day from the previous week. Refineries were running at 86.3% of capacity, with daily input of 15 million barrels a day, about 130,000 barrels a day more than the previous week. Refineries continue to raise production now that routine maintenance and the switch to summer-grade fuel is reaching an end.
The United States Oil ETF (NYSEMKT: USO) is down about 0.7%, at $34.41 in a 52-week range of $29.02 to $40.29.
The United States Gasoline ETF (NYSEMKT: UGA) is down 1.7%, at $58.96, in a 52-week range of $45.13 to $65.86.
Get Ready To Retire (Sponsored)
Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Get started right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
