Crude oil inventories increased again last week, according to Energy Information Administration data released on Wednesday. Gasoline stocks unexpectedly rose in the week.
U.S. commercial crude oil inventories increased 2.8 million barrels from the previous week. Experts were looking for a build of about 3 million barrels. At 359.4 million barrels, U.S. crude oil inventories are above the upper limit of the average range for this time of year.
Total motor gasoline inventories increased 2.2 million barrels last week. A drop of about 1.5 million barrels was expected. Distillate fuel inventories increased by 300,000 barrels, while propane/propylene inventories
increased last week by 700,000 barrels.
Total products supplied over the last four-week period has averaged 18.9 million barrels per day, down by 4.4 percent from a year ago. Over the last four weeks, motor gasoline demand dropped 0.2 percent, distillate fuel demand declined by 9.1 percent and jet fuel demand was 1.8 percent lower.
On the NYMEX, crude oil prices remained notably lower following the report. Light sweet crude for May delivery dropped to $47.92, down $1.74 for the session.
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