Crude Supply Drops, Gasoline Inventories Rise

Total gasoline inventories rose by 2.2 million barrels last week and are now above the upper limit of the five-year average range. Total motor gasoline supplied averaged 8.5 million barrels a day over the past four weeks — a decline of 2.9% compared with the same period a year ago.Distillate inventories fell by 1.1 million barrels again last week, and remain well below the lower limit of the average range. Distillate product supplied averaged more than 3.8 million barrels a day over the past four weeks, down 2.7% when compared with the same period last year. Distillate production totaled nearly 4.9 million barrels a day last week, down slightly compared with the prior week.

The American Petroleum Institute reported an inventory draw of 4.1 million barrels in crude supplies last week. Platts estimated a drawdown of 2.3 million barrels in crude inventories for last week, with a build of 2 million barrels in gasoline supplies and a rise of 1.5 million barrels in distillate supplies. Dow Jones estimated a drop of 900,000 barrels in crude stocks, a rise of 1.5 million barrels in gasoline supplies, and a rise of 900,000 barrels in distillate inventories…”

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