Weekly Crude oil inventories rose 4.199M versus 2.743M estimate | Forexlive
- Crude oil stocks rose by 4.2 million barrels to 447.16 million, against a forecasted 2.7 million barrel increase.
- Distillate stocks decreased by 510,000 barrels to 121.14 million, versus a forecasted 2.1 million barrel draw.
- Gasoline inventories declined by 2.8 million barrels to 244.21 million, compared to an expected 1.5 million barrel draw.
Other details of the data shows:
- Crude exports fell by 237,000 barrels per day (BPD) to 4.73 million BPD.
- Product demand over the previous four weeks was 19.48 million BPD, down 3.2% from the same period last year.
- Net crude imports decreased by 32,000 BPD to 1.66 million BPD.
- Product imports dropped by 888,000 BPD to 1.37 million BPD.
- Heating oil inventories reduced by 137,000 barrels to 7.23 million.
- Ethanol stocks increased by 520,000 barrels to 26.02 million barrels.
- Crude inventories at Cushing went up by 1.46 million barrels to 30.97 million.
- Ethanol production declined by 6,000 BPD to 1.08 million BPD.
- Refinery utilization rose by 0.9% to 81.5%.
Although crude oil inventories were higher than expected, they weren’t as high as the private data released late yesterday which showed a build of 8.428 million barrels. However, gasoline inventories which showed a -2.8 barrel decline today were less than the -3.272 million drawdown reported late yesterday.
Private inventory data released late yesterday
Crude oil is trading at $79.10 up $0.20 or 0.28%. The high price for the day extended to $79.62. The low price was at $77.78.