Platts had estimated an inventory decline of 2 million barrels. WTI crude prices, which have fallen sharply since the first of May, were trading higher before the EIA report and continued to rise slightly to about $87.80/barrel before losing ground later in the morning.
Total gasoline inventories rose by 200,000 barrels last week and are now below the lower limit of the five-year average range. Over the last four weeks, gasoline supplied has declined by -4.3% compared to the same period last year. Total motor gasoline supplied averaged 8.9 million barrels/day for the four weeks.
For the past week, crude imports averaged 8.8 million barrels/day, down by about 344,000 barrels/day from the previous week. Refineries were running at 92% of capacity, with daily input of nearly 15.6 million barrels/day, down by 14,000 barrels/day from the previous week.
According to gasbuddy.com, US gasoline prices average $3.387/gallon today, compared with a pump price of $3.401 a week ago. AAA’s Fuel Gauge Report shows today’s price at $3.338, down from $3.369 a week ago. Pump prices continue to fall, but the weekly drops are getting smaller as crude prices head back up.
WTI crude is down -0.52% today at $87.20/barrel after closing at $87.15/barrel on Tuesday. The United States Oil Fund (NYSEMKT: USO) is down -0.61% at $32.74 in a 52-week range of $29.02-$42.30. The United States Gasoline Fund (NYSEMKT: UGA) is up 1.8% at $51.14 in a 52-week range of $44.65-$58.88.
In the services sector, the Market Vectors Oil Services ETF (NYSEMKT: OIH) is down -1.1% at $36.65 in a 52-week range of $32.54-$45.14.
Paul Ausick
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