The US Energy Information Administration (EIA) released its weekly petroleum status report this morning. US commercial crude inventories increased by 800,000 barrels last week, bringing the total US commercial crude inventory to 372.6 million barrels, still well above the upper limit of the five-year range for this time of the year.
Total gasoline inventories rose by 5 million barrels last week and remain in the upper half of the five-year average range. Total motor gasoline supplied averaged 8.5 million barrels a day over the past four weeks — a decline of 1.3% compared with the same period a year ago.
Distillate inventories jumped by 3 million barrels again last week, but still remain well below the lower limit of the average range. Distillate product supplied averaged more than 3.8 million barrels a day over the past four weeks, down 0.7% when compared with the same period last year. Distillate production totaled nearly 4.8 million barrels a day last week, down slightly compared with the prior week.
Platts estimated a drawdown of 2.5 million barrels in crude inventories. The American Petroleum Institute reported an inventory build of 4.27 million barrels in crude supplies last week, while gasoline inventories rose by 2.76 million barrels. Dow Jones estimated a crude inventory decline of 2.1 million barrels, coupled with a rise of 1.8 million barrels in gasoline stocks and a rise of 1.1 million barrels to distillate stocks.
Crude prices were higher before the EIA report at $86.87 a barrel and have retreated slightly since.
For the past week, crude imports averaged 8.5 million barrels a day, an increase of about 269,000 barrels a day from the previous week. Refineries were running at 90.4% of capacity, with daily input of 15.4 million barrels a day, about 62,000 barrels a day less than the previous week.
The United States Oil ETF (NYSEMKT: USO) is up 0.7% at $31.68 in a 52-week range of $29.02 to $42.30.
The United States Gasoline ETF (NYSEMKT: UGA) is up about 1.1% at $55.84. The 52-week range is $45.13 to $62.13.
Paul Ausick
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
