Source: Thinkstock
Total gasoline inventories rose by 7.4 million barrels last week and remain well above the upper limit of the five-year average range. Total motor gasoline supplied averaged about 8.4 million barrels a day over the past four weeks — a decline of 2.3% compared with the same period a year ago.
Distillate inventories rose by a whopping 6.8 million barrels last week, are near the lower limit of the average range. Distillate product supplied averaged just less than 3.6 million barrels a day over the past four weeks, down 5% when compared with the same period last year. Distillate production totaled 4.9 million barrels a day last week, up 300,000 barrels compared with the prior week and below the five-year average range for this time of year.
The American Petroleum Institute reported an inventory increase of 2.4 million barrels in crude supplies last week. Platts estimated a build of 1.1 million barrels in crude inventories for last week, with a build of 2.6 million barrels in gasoline supplies and a rise of 1.5 million barrels in distillate supplies.
Crude prices were about 0.4% higher before the EIA report at $93.48 a barrel and fell slightly following the report. Crude prices rose have hovered around $93 a barrel following the fiscal cliff deal.
For the past week, crude imports averaged over 8.3 million barrels a day, an increase of about 1.2 million barrels a day from the previous week. Refineries were running at 89.1% of capacity, with daily input of 15.3 million barrels a day, about 84,000 barrels a day less than the previous week.
The United States Oil ETF (NYSEMKT: USO) is down 0.2% at $33.88 in a 52-week range of $29.02 to $42.30.
The United States Gasoline ETF (NYSEMKT: UGA) is down 1% at $58.43. The 52-week range is $45.13 to $62.13.
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