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Crude oil supplies unexpectedly declined last week, according to data made public by the Energy Information Administration on Wednesday. However, data also revealed a larger-than-expected build in gasoline stockpiles.
Crude oil inventories decreased by 1 million barrels in the week ended October 2. Experts were predicting an increase of 1.9 billion barrels. At 337.4 million barrels, U.S. crude oil inventories are above the upper boundary of the average range for this time of year.
Total motor gasoline inventories increased by 2.9 million barrels last week, and are above the upper limit of the average range. An increase of 1.3 million barrels was projected. Distillate fuel inventories increased by 700,000 million barrels, while propane/propylene inventories increased by 100,000 barrels last week.
Over the last four weeks, motor gasoline demand has averaged about 9.0 million barrels per day, up by 6.2% from the year-ago period. Distillate fuel demand was down by 9.5% and jet fuel demand is 3.3% lower.
The American Petroleum Institute report released yesterday afternoon reported crude oil supplies declined 254,000 barrels in the week ended October 2. Gasoline stocks rose 544,000 barrels and distillates dropped 2.9 million barrels.
Crude oil prices saw choppy movement after the report. Light sweet crude for November moved up 35 cents to $71.23 after falling as low as $70.34 shortly after the data was released.
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