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Crude oil inventories unexpectedly rose last week, according to data released by the Energy Information Administration. Gasoline stockpiles rose much more than expected.
U.S. commercial crude oil inventories increased by 2.1 million barrels from the previous week. A drop of 1.3 million barrels was projected. At 339.9 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 rose by 4.0 million barrels last week, much larger than the 900,000-barrel increase projected by analysts. Both finished gasoline inventories and blending components inventories increased last week. Distillate fuel inventories decreased by 1.2 million barrels. Propane/propylene inventories decreased by 900,000 barrels.
Over the last four weeks, motor gasoline demand has averaged 9 million barrels per day, up by 0.7% from the same period last year. Distillate fuel demand has dropped 7.7% and jet fuel demand is 0.1% higher.
Following the report, light sweet crude for January delivery dropped to $77.47, down 90 cents on the session. Prices had earlier touched as low as $77.15.
Yesterday, the American Petroleum Institute reported a build of 2.89 million barrels last week. Gasoline supplies rose 3.4 million barrels and distillates were up 1.06 million barrels.
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