Crude Oil Supply Falls, Gasoline Supply Rises
Crude Oil Supply Falls, Gasoline Supply Rises
UGA, USO
The US Energy Information Administration EIA released its weekly petroleum status report Wednesday.
US commercial Crude Oil inventories decreased by 1-M bbls last week, bringing the total US commercial Crude Oil inventory to 371.6-M bbls, that remains above the upper limit of the 5 yr range for this time of the year.
Total gasoline inventories rose by 2.2-M bbls last week and are alos above the upper limit of the 5 yr average range. Total motor gasoline supplied averaged 8.5-M bbls a day over the past 4 wks, a decline of 2.9% compared with the same period a year ago.
Distillate inventories fell by 1.1-M bbls again last week, and remain well below the lower limit of the average range. Distillate product supplied averaged more than 3.8-M BPD for 4 wks, down 2.7% when compared with the same period last year. Distillate production totaled nearly 4.9-M BPD last week, down a bit compared with the past week.
The American Petroleum Institute reported an inventory draw of 4.1-M bbls in Crude supplies last week.
Platts estimated a drawdown of 2.3-M bbls in Crude inventories for last week, with a build of 2-M bbls in gasoline supplies and a rise of 1.5-M bbls in distillate supplies.
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Crude Oil prices were higher before the EIA report at 88.40 bbl and held steady following the report.
For the past week, Crude imports averaged 8.4-B BPD an decrease of about 100,000 BPD from the prior week. Refineries were running at 91.5% of capacity, with daily input of 15.6-M BPD, about 227,000 BPD more than the prior week.
The United States Oil ETF (NYSEMKT: USO) is + 0.7% at 32.29 in a 52-wk range of 29.02 to 42.30.
The United States Gasoline ETF (NYSEMKT: UGA) is + 0.8% at 57.26. The 52-wk range is 45.13 to 62.13.
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