Crude Oil, Gasoline Inventories Rise More Than Expected

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Crude oil stockpiles rose more than expected last week, according to data released on Thursday by the Energy Information Administration. Gasoline supplies also increased more than forecast, while distillates unexpectedly gained.

U.S. commercial crude oil inventories increased by 1.8 million barrels in the week ended November 6. An more modest increase of about 1 million barrels was expected. At 337.7 million barrels. U.S. crude oil inventories are slightly above the upper limit of the average range for this time of year.

Total motor gasoline inventories increased by 2.5 million barrels last week. A rise of 700,000 barrels was expected. Distillate fuel inventories increased by 300,000 barrels, compared to the drop of 900,000 expected by analysts. Propane/propylene inventories decreased by 1.2 million barrels last week and are in the upper half of the average range.

Over the last four weeks, motor gasoline demand has averaged 8.9 million barrels per day, down by 1.0 percent from the same period last year. Distillate fuel demand has averaged 3.6 million barrels per day, down by 13.8 percent from the same period last year and jet fuel demand is 4.0 percent lower over the last four weeks compared to the same four-week period last year.

On the report, crude oil for December delivery plunged to $76.84, down $2.43 on the session. Earlier, oil had challenged the $80 per barrel mark.

(Market News Provided by RTTNews)