Crude Oil, Gasoline Inventories Rise Sharply

Oil barrel
Oil barrel

The US Energy Information Administration (EIA) released its weekly petroleum status report this morning. US commercial crude inventories increased by 1.3 million barrels last week, bringing the total US commercial crude inventory to 361.3 million barrels, well above the upper limit of the five-year range for this time of the year.

Total gasoline inventories rose by 7.4 million barrels last week and remain well above the upper limit of the five-year average range. Total motor gasoline supplied averaged about 8.4 million barrels a day over the past four weeks - a decline of 2.3% compared with the same period a year ago.

Distillate inventories rose by a whopping 6.8 million barrels last week, are near the lower limit of the average range. Distillate product supplied averaged just less than 3.6 million barrels a day over the past four weeks, down 5% when compared with the same period last year. Distillate production totaled 4.9 million barrels a day last week, up 300,000 barrels compared with the prior week and below the five-year average range for this time of year.

The American Petroleum Institute reported an inventory increase of 2.4 million barrels in crude supplies last week. Platts estimated a build of 1.1 million barrels in crude inventories for last week, with a build of 2.6 million barrels in gasoline supplies and a rise of 1.5 million barrels in distillate supplies.

Crude prices were about 0.4% higher before the EIA report at $93.48 a barrel and fell slightly following the report. Crude prices rose have hovered around $93 a barrel following the fiscal cliff deal.

For the past week, crude imports averaged over 8.3 million barrels a day, an increase of about 1.2 million barrels a day from the previous week. Refineries were running at 89.1% of capacity, with daily input of 15.3 million barrels a day, about 84,000 barrels a day less than the previous week.

The United States Oil ETF (NYSEMKT: USO) is down 0.2% at $33.88 in a 52-week range of $29.02 to $42.30.

The United States Gasoline ETF (NYSEMKT: UGA) is down 1% at $58.43. The 52-week range is $45.13 to $62.13.

Filed under: 24/7 Wall St. Wire, Commodities, Oil & Gas, Research Tagged: UGA, USO