Crude Oil Supplies Rise By 1 Million Barrels

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Crude oil supplies rose a little less than expected last week, according to data made public by the Energy Information Administration on Wednesday. Gasoline stockpiles increased more than predicted.

U.S. commercial crude oil inventories increased by 1.0 million barrels in the week ended November 20. Crude oil supplies were forecast to increase 1.4 million barrels in the week ended November 20. At 337.8 million barrels, U.S. crude oil inventories are above the upper limit of the average range for this time of year.

Total motor gasoline inventories increased by 1.0 million barrels last week, and are slightly above the upper limit of the average range. Stockpiles were expected to rise 500,000 barrels.

Distillate fuel inventories decreased by 500,000 barrels. Propane/propylene inventories decreased by 1.9 million barrels last week.

Over the last four weeks, motor gasoline demand has averaged 9 million barrels per day, up by 0.5% from the same period last year.

Distillate fuel demand has averaged 3.6 million barrels per day over the last four weeks, down by 9.5% and jet fuel demand is 1.6% higher than the year ago period.

The Energy Information Administration inventory report is due at 10:30 a.m. ET. Crude oil supplies are forecast to increase 1.4 million barrels in the week ended November 20. Gasoline inventories are predicted to rise 500,000 barrels.

Following the report, light sweet crude for January delivery fell to $75.99, down 11 cents on the session.

(Market News Provided by RTTNews)