RTTNews - Crude oil inventories declined more than expected on Wednesday, according to Energy Information Administration data. Gasoline supplies, however, were higher again.
U.S. commercial crude oil inventories decreased by 2.8 million barrels from the previous week. Experts were looking for a drop of about 2.1 million barrels. At 344.5 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 1.5 million barrels last week. Economists were looking for a build of about 750,000 barrels.
Distillate fuel inventories increased by 0.6 million barrels and propane/propylene inventories increased by 2.3 million barrels last week. Total commercial petroleum inventories increased by 1.5 million barrels last week.
Total products supplied over the last four-week period has averaged about 18.4 million barrels per day, down by 6.1 percent. Over the last four weeks, motor gasoline demand has averaged 9.1 million barrels per day, up by 0.6 percent from the same period last year. Distillate fuel demand has fallen by 11.7 percent from the same period last year and jet fuel demand is 12.3 percent lower.
Last night, American Petroleum Institute data revealed crude oil inventories fell 1.15 million barrels, while gasoline supplies fell 69,000 barrels.
Following the data, crude oil prices have gained $1.39 to $60.90 per barrel on the NYMEX. Oil has jumped as high as $61.21 following the release of the report at 10:30 a.m. ET.
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