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.
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.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
