The U.S. Energy Information Administration (EIA) released its weekly petroleum status report Wednesday morning. U.S. commercial crude inventories increased by 6.6 million barrels last week, maintaining a total U.S. commercial crude inventory of 536.5 million barrels. The commercial crude inventory remains at historically high levels for this time of year, according to the EIA.
Tuesday evening, the American Petroleum Institute (API) reported that crude inventories rose by 6.2 million barrels in the week ending April 8. For the same period, analysts had estimated an increase of 1.9 million barrels in crude inventories. API also reported gasoline supplies fell by 1.58 million barrels and distillate stockpiles fell by 530,000 barrels.
Total gasoline inventories decreased by 4.2 million barrels last week, according to the EIA, and remain well above the upper limit of the five-year average range. Total motor gasoline supplied (the agency’s measure of consumption) averaged 9.4 million barrels a day for the past four weeks, up by 5.7% compared with the same period a year ago.
Benchmark West Texas Intermediate (WTI) prices have risen more or less steadily over the past week based on a variety of factors. The dollar has weakened, always a plus for crude oil that is priced in dollars. Fed Chair Janet Yellen continues to signal that policy rate hikes will be slow. This Sunday’s scheduled meeting between OPEC members and other oil-producing nations also continues to raise hopes for a production freeze at least, and maybe an agreed production cut. The latter will never happen.
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