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Crude oil inventories fell less than expected last week, according to data made public by the Energy Information Administration on Wednesday morning. Gasoline stockpiles were slightly lower, a mild surprise to experts.
U.S. commercial crude oil inventories decreased by 1.5 million barrels in the week ended December 25. Experts were looking for a decline of 2.2 million barrels. At 326.0 million barrels, U.S. crude oil inventories are near the upper limit of the average range for this time of year.
Total motor gasoline inventories decreased by 300,000 barrels last week, and are above the upper limit of the average range. A rise of 900,000 barrels was expected.
Distillate fuel inventories decreased by 2 million barrels and propane/propylene inventories decreased by 1.5 million barrels last week and are below the lower limit of the average range.
Total commercial petroleum inventories decreased by 8.1 million barrels last week, but are above the upper limit of the average range for this time of year.
Over the last four weeks, motor gasoline demand has climbed by 1.1 percent from the same period last year. Distillate fuel demand has dropped by 2.8 percent from the same period last year and jet fuel demand was 3.7 percent higher.
The American Petroleum Institute last night reported crude inventories rose about 1.73 million barrels in the week ended December 25. Gasoline stockpiles fell nearly 1.4 million barrels, according to the industry data.
Crude oil prices turned lower after an initial surge. Light sweet crude moved to $78.67, down 20 cents for the session. Prices spiked as high as $79.49 shortly after the report.
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