US Crude Oil Inventory Rises Again
Contrary to expectations of a drawdown of up to 5 million barrels, US commercial crude oil inventories rose by 1.3 million barrels last week, following growth of 3.9 million barrels the week before. The American Petroleum Institute yesterday projected a…
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Contrary to expectations of a drawdown of up to 5 million barrels, US commercial crude oil inventories rose by 1.3 million barrels last week, following growth of 3.9 million barrels the week before. The American Petroleum Institute yesterday projected a drawdown of 5 million barrels, and an survey of analysts projected a drawdown of 1.3 million barrels.
The US Energy Information Administration’s weekly petroleum status report also noted that imports have grown to 9.4 million barrels/day last week, and that the four-week average for US imports is now 8.8 million barrels. Refinery inputs for the week came in at 15.2 million barrels/day.
Gasoline production is down about -3.5% from a year ago, to 8.6 million barrels/day, while distillate supplies, including diesel fuel, are up about 3.4% year-over-year to 3.9 million barrels/day. Inventory stocks of gasoline grew by 5.1 million barrels last week, and diesel supplies grew by 2.5 million barrels. Jet fuel supplies are also about 3.1% higher than a year ago.
WTI crude futures have fallen by $1.36, to $99.92/barrel and Brent crude is also down, by $1.61 to $109.20/barrel.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
