Total gasoline inventories increased by 1.8 million barrels last week, and have moved into the lower half of the five-year average range. Total motor gasoline supplied (the EIA’s measure of consumption) averaged 9.2 million barrels a day for the past four weeks, up by 1.3% compared with the same period a year ago.
Distillate inventories decreased by 1.6 million barrels last week, and remain near the lower limit of the average range. Distillate product supplied averaged over 3.8 million barrels a day over the past four weeks, down by 7.8% when compared with the same period last year. Distillate production averaged 4.9 million barrels a day last week, roughly 100,000 barrels a day more than the prior week’s production.
Tuesday evening the American Petroleum Institute (API) reported that crude inventories rose by 2.8 million barrels in the week ending November 21st. The trade group also said gasoline stockpiles fell by 43,000 barrels and distillate inventories dropped by 1.3 million barrels. For the same period analysts polled by Platts estimated a decrease 100,000 barrels in crude inventories.
Before the EIA report, WTI crude for January delivery was trading down about 0.3% at around $73.50 a barrel Wednesday morning. The WTI price rose slightly to around $73.60 immediately after the report was released.
For the past week, crude imports averaged over 7.5 million barrels a day, down by 165,000 barrels a day compared with the previous week. Refineries were running at 91.5% of capacity, with daily input of about 16 million barrels a day, about 44,000 barrels a day above the previous week’s average.
OPEC begins its winter meeting on Thursday and expectations that the cartel would limit production to help boost crude production have been mostly squashed. Russia has said specifically that it will not cut production but that it may limit some capital spending which would have a medium-term effect on crude prices.
According to AAA, today’s national average pump price per gallon of regular gasoline is $2.810, down from $2.863 a week ago and down from $3.050 a month ago. Last year a gallon of regular cost $3.285 on average in the U.S.
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Here’s a look at how share prices for two ETFs are reacting to today’s report.
The United States Oil ETF (NYSEMKT: USO) traded down about 0.1% at $28.01 in a 52-week range of $27.85 to $39.44. The low was set this morning.
The Market Vectors Oil Services ETF (NYSEMKT: OIH) traded down about 2.3% at $42.30 in a 52-week range of $40.98 to $58.01.
ALSO READ: Are Oil Analysts Getting Too Pessimistic With Lower Oil Prices?
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