RTTNews - Crude oil inventories fell again in the recent week, according to data released by the Energy Information Administration on Wednesday morning. Gasoline stockpiles were higher. Both reports were on-target with analysts' projections.

U.S. commercial crude oil inventories decreased by 1.8 million barrels in the week ended July 17. Experts were looking for a drop of about 2 million barrels. At 342.7 million barrels, U.S. crude oil inventories are above the upper boundary of the average range for this time of year.

Total motor gasoline inventories increased by 800,000 barrels last week, and are near the upper limit of the average range. The build was in-line with analysts projections.

Distillate fuel inventories increased by 1.2 million barrels and propane/propylene inventories increased by 2.0 million barrels last week. Total commercial petroleum inventories increased by 1.9 million barrels last week.

The American Petroleum Institute reported late Tuesday crude oil stockpiles fell 2.1 million barrels, while gasoline supplies rose 1.3 million barrels in the recent week. Refineries are not required to participate in the API survey.

Total products supplied over the last four-week period has averaged 18.6 million barrels per day, down by 4.8%. Over the last four weeks, motor gasoline demand has averaged nearly 9.2 million
barrels per day, up by 0.7%. Distillate fuel demand dropped 11%. Jet fuel demand is 13.9% lower.

Crude oil prices have recovered most of an early slide following the EIA report. Light sweet crude moved at $65.55, down 6 cents on the session, after earlier hitting as low as $63.76.

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