Crude oil inventories were higher for a seventh straight week, according to data released Wednesday morning by the Energy Information Administration. The build was higher than the expectation of economists.
U.S. commercial crude oil inventories increased by 3.9 million barrels in the week ended April 17. Experts were looking for a build of about 3 million barrels for the week. At 370.6 million barrels, inventories are at the highest level in almost 19 years.
Total motor gasoline inventories increased by 800,000 barrels last week, and are above the upper boundary of the average range. Distillate fuel inventories increased by 2.7 million barrels. Propane/propylene inventories increased by 600,000 barrels.
Over the last four weeks, motor gasoline demand was down by 0.4% from the same period last year. Distillate fuel demand was down by 9.4 percent and jet fuel demand was 9.3% lower.
Following the report, crude oil for June delivery moved at $47.97, down 58 cents on the session.
Late Tuesday, the American Petroleum Institute reported inventories declined by 1 million barrels in the week ended April 17. The report also indicated gasoline stockpiles climbed 107,000 barrels and distillate inventories increased 458,000 barrels.
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