Crude oil inventories rose for a 10th straight week, according to data released Wednesday morning by the Energy Information Administration. However, the build was lower than the forecast of economists.
U.S. commercial crude oil inventories increased by 600,000 barrels from the previous week. Experts were looking for a build of about 2.2 million barrels. At 375.3 million barrels, U.S. crude oil inventories are at their highest level in nearly two decades.
Total motor gasoline inventories decreased by 200,000 barrels last week and are in the upper half of the
average range. Finished gasoline inventories rose last week but gasoline blending components inventories decreased during this same time.
Distillate fuel inventories increased by 2.4 million barrels and propane/propylene inventories increased
by 2.4 million barrels last week. Total commercial petroleum inventories increased by 7.9 million barrels
Total products supplied over the last four-week period has averaged 18.2 million barrels per day, down by 7.9% compared to the similar period last year. Over the last four weeks, motor gasoline demand has dropped 0.9% from the same period last year, distillate fuel demand has declined 14.1% and jet fuel demand is 11.6% lower.
Crude oil remained sharply higher on the NYMEX following the report. Light sweet crude for June delivery moved to $55.57, up $1.73 on the session. Prices touched as high as $55.80 shortly after the report, oil's best level since November.
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