Crude Inventories Rise, Gasoline Declines, Prices Up a Little

Before you go, we thought you'd like these...
Before you go close icon

The US Energy Information Administration (EIA) released its weekly petroleum status report this morning. US commercial crude inventories rose by 1.1 million barrels last week, bringing the total US commercial crude inventory to 375.9 million barrels, above the upper limit of the five-year range for this time of the year.

Total gasoline inventories fell by 400,000 barrels last week and remain in the middle of the five-year average range. Total motor gasoline supplied averaged 8.6 million barrels a day over the past four weeks - a rise of 0.7% compared with the same period a year ago.

Platts estimated a build of 1.5 million barrels in crude inventories, while Dow Jones estimated a build of 2 million barrels. Dow Jones also forecast a build of 200,000 barrels in gasoline stocks and a drop of 900,000 barrels in distillate stocks.

Crude prices, which had fallen to about $86.00 a barrel before the report was released, have risen about $0.15 a barrel following the EIA report and are down about 0.3% on the day so far.

For the past week, crude imports averaged 7.9 million barrels a day, an decrease of about 141,000 barrels a day from the previous week. Refineries were running at 86% of capacity, with daily input of 14.6 million barrels a day, about 55,000 barrels a day less than the previous week.

Distillate inventories fell by 2.5 million barrels last week and remain well below the lower limit of the average range. Distillate product supplied averaged more than 3.7 million barrels a day over the past four weeks, down 14% when compared with the same period last year. Distillate production totaled nearly 4.6 million barrels a day last week, essentially flat with the prior week.

The United States Oil ETF (NYSEMKT: USO) is down about 0.3% at $31.68 in a 52-week range of $29.02 to $42.30.

The United States Gasoline ETF (NYSEMKT: UGA) is up about 0.7% at $56.49. The 52-week range is $44.98 to $62.13.

Paul Ausick


Filed under: 24/7 Wall St. Wire, Commodities, Oil & Gas, Research
Read Full Story

Markets

S&P 500 2,361.13 2.56 0.11%
DJIA 20,659.32 -42.18 -0.20%
NASDAQ 5,897.55 22.41 0.38%
DAX 12,203.00 53.58 0.44%
NIKKEI 225 19,217.48 14.61 0.08%
HANG SENG 24,392.05 46.18 0.19%
USD (per EUR) 1.08 -0.01 -0.55%
USD (per CHF) 1.00 0.00 0.47%
JPY (per USD) 111.13 -0.10 -0.09%
GBP (per USD) 1.24 0.00 0.14%

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners

Farmer Came Outside To Check On The Animals - And Found This In Her Pasture Instead Farmer Came Outside To Check On The Animals - And Found This In Her Pasture Instead
Glass-Printed Photos from Fracture Are an Easy Way to Make Your Room All Nice and Pretty Glass-Printed Photos from Fracture Are an Easy Way to Make Your Room All Nice and Pretty
People Have Been Making Chicken Wrong The Whole Time - Here's The Best Way To Do It People Have Been Making Chicken Wrong The Whole Time - Here's The Best Way To Do It