Total gasoline inventories decreased by 1 million barrels last week and remain in the middle of the five-year average range. Total motor gasoline supplied (the EIA’s measure of consumption) averaged more than 9 million barrels a day for the past four weeks, down by 1.4%, compared with the same period a year ago.
Distillate inventories increased by 1.3 million barrels last week and remain below the lower limit of the average range. Distillate product supplied averaged over 3.9 million barrels a day over the past four weeks, up by 5.2% when compared with the same period last year. Distillate production averaged more than 4.9 million barrels a day last week, about flat compared with the prior week’s production.
Tuesday evening, the American Petroleum Institute (API) reported that crude inventories fell by 1.3 million barrels in the week ending August 22, together with a drop of 3.2 million barrels in gasoline supplies and an increase of 2.4 million barrels in distillate supplies. For the same period, analysts surveyed by Platts estimated a decrease of 2.5 million barrels in crude inventories, a decrease of 1.7 million barrels in gasoline inventories and a drop of 1.2 million barrels in distillate inventories.
Before the EIA report, West Texas Intermediate (WTI) crude was trading up at around $94.10 a barrel, about 0.3% above Tuesday’s closing price of $93.86. The WTI price slipped to around $94.00 a barrel shortly after the report was released.
For the past week, crude imports averaged more than 7.6 million barrels a day, up by about 174,000 barrels a day over the previous week. Refineries were running at 93.5% of capacity, with daily input of about 16.5 million barrels a day, about 124,000 barrels a day above the previous week’s average.
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Refinery runs rose slightly again last week, and if the increased refinery output continues, crude oil stockpile will continue to fall. The rise in crude oil imports may continue too, as Gulf Coast refiners seek discounted heavier crudes. The impact will be to keep downward pressure on crude prices going forward.
Gasoline demand is expected to rise this week and next as U.S. drivers hit the road for the Labor Day holiday weekend.
According to AAA, the current national average pump price per gallon of regular gasoline is $3.431, down from $3.441 a week ago and from $3.527 a month ago. Last year a gallon of regular cost $3.542 on average in the United States.
Here is a look at how share prices at three U.S. producers are reacting to this latest report.
Exxon Mobil Corp. (NYSE: XOM) traded up about 0.3%, at $99.89 in a 52-week range of $84.79 to $104.76.
Chevron Corp. (NYSE: CVX) traded up about 0.3%, at $128.61 in a 52-week range of $109.27 to $135.10.
Continental Resources Inc. (NYSE: CLR) traded up about 1.4%, at $158.38 in a 52-week range of $91.99 to $159.24. Continental is the largest producer in the Bakken shale play and reported softer-than-expected results Wednesday morning.
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