Crude Inventories Rise More Than Expected

Sponsored Links

Crude oil supplies rose more than expected last week, according to data released Wednesday morning by the Energy Information Administration. Gasoline stockpiles also gained more than forecast.

U.S. commercial crude oil inventories increased by 1.3 million barrels to 327.3 million in the week ended January 1. A more modest rise of 200,000 barrels was predicted.

Total motor gasoline inventories increased by 3.7 million barrels last week. A build of 500,000 barrels was expected.

Distillate fuel inventories decreased by 300,000 barrels, less than the predicted drop of 2 million barrels. Propane/propylene inventories decreased by 3.1 million barrels.

Over the last four weeks, motor gasoline demand has climbed by 0.3 percent from the same period last year. Distillate fuel demand has dropped 1.0 percent and jet fuel demand is 8.2 percent higher in the period.

Late Tuesday, the American Petroleum Institute reported crude oil inventories declined 2.3 million barrels in the week ended Jan. 1. Gasoline supplies rose 5.6 million barrels, according to the API.

Crude oil have dropped on the NYMEX following the report. Light sweet crude for February moved at $81.29, down 48 cents on the session. Prices dropped as low as $80.85 shortly after the data was announced.

(Market News Provided by RTTNews)