Total gasoline inventories decreased by 3.6 million barrels last week, but remain in the middle of the five-year average range. Total motor gasoline supplied averaged slightly more than 8.5 million barrels a day over the past four weeks — a rise of about 1.1% compared with the same period a year ago.
Distillate inventories increased by about 1 million barrels last week, and remain in the lower half of the average range. Distillate product supplied averaged more than 3.6 million barrels a day over the past four weeks, up about 1% when compared with the same period last year. Distillate production totaled 4.2 million barrels a day last week, down by about 100,000 barrels a day when compared with the prior week.
The American Petroleum Institute reported an inventory decrease of 1.4 million barrels in crude supplies last week, together with a decrease of 3.1 million barrels in gasoline supplies and a drop of 2.2 million barrels in distillate supplies. Platts estimated a build of 2.3 million barrels in crude inventories and decreases of 1.5 million barrels for gasoline stocks and 2 million barrels for distillate stocks. Dow Jones had projected a rise in crude inventories of 2.4 million barrels.
Crude prices were about down about 0.6% before the EIA report, at $93.11 a barrel, and maintained that level following the report. Crude prices are rising again, but gasoline prices are inching down.
For the past week, crude imports averaged more than 7.5 million barrels a day, an increase of about 227,000 barrels a day from the previous week. Refineries were running at 81% of capacity, with daily input of 14 million barrels a day, about 37,000 barrels a day less than the previous week. The spring turnaround to summer fuel and routine refinery maintenance continue to keep gasoline supplies at lower levels.
The United States Oil ETF (NYSEMKT: USO) is up about 0.4% at $33.38, in a 52-week range of $29.02 to $41.38.
The United States Gasoline ETF (NYSEMKT: UGA) is up 0.9% at $62.71, in a 52-week range of $45.13 to $65.86.