Crude Oil Inventories Rise Less Than Expected, Gasoline Supplies Fall

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Crude oil supplies rose much less than expected last week, according to data made public by the Energy Information Administration. Gasoline stocks unexpectedly fell in the recent week.

Following the EIA report, light sweet crude oil for November delivery jumped to $75.90, up 72 cents on the session. Prices extended a yearly intraday high to $76.23 shortly after the data was announced.

U.S. commercial crude oil inventories increased by 400,000 barrels in the week ended October 9. Experts expected to see a build of 2.2 million barrels. At 337.8 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 decreased by 5.2 million barrels last week. Supplies were expected to rise 1.6 million barrels.

Distillate fuel inventories decreased by 1.1 million barrels. Propane/propylene inventories increased by 100,000 barrels.

Total products supplied over the last four-week period has averaged 18.8 million barrels per day, up by 2.1 percent compared to the similar period last year. Over the last four weeks, motor gasoline demand rose 5.3 percent from the same period last year, distillate fuel demand fell 10.8 percent from the same period last year and jet fuel demand dropped 3.5 percent.

Late Wednesday afternoon, the American Petroleum Institute reported that crude supplies declined 172,000 last week. Gasoline inventories fell 2.66 million barrels.

(Market News Provided by RTTNews)