Commodities Buzz: US Crude Inventories Down 1.3 Million Barrels

Oil.....

The US commercial crude inventories decreased by 1.3 million barrels last week, bringing the total U.S. commercial crude inventory to 382.7 million barrels, according to the US Energy Information Administration's (EIA) weekly petroleum status report released yesterday. However, this is still well above the upper limit of the five-year range for this time of the year.

Total gasoline inventories dropped by 1.5 million barrels last week and remain in the middle of the five-year average range. Total motor gasoline supplied averaged slightly more than 8.5 million barrels a day over the past four weeks. That is a rise of about 1.5% compared with the same period a year ago.

Distillate inventories slipped by around 700,000 barrels last week and remain in the lower half of the average range. Distillate product supplied averaged more than 3.6 million barrels a day over the past four weeks. Distillate production totaled 4.3 million barrels a day last week, up by about 100,000 barrels a day when compared with the prior week.
Source by Commodity Insights