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Julianne Geiger is a veteran energy journalist and market analyst with more than a decade of experience covering the global oil and gas sector. Her…
Crude oil inventories in the United States saw an increase of 100,000 barrels during the week ending August 21, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The increase brings commercial stockpiles to 428.9 million barrels, according to government data, which are now 1% above the five-year average for this time of year.
The EIA’s data release follows API’s figures that were released a day earlier, which reported that crude oil inventories had risen by 4.2 million barrels in the period.
Crude futures were trading down at 9:49 a.m. in New York, Brent futures were trading at $86.94 per barrel—down $1.58 (-1.78%) on the day and down nearly $5 per barrel from this same time last week. WTI was also trading down on the day, by $1.22 per barrel (-1.48%) on Wednesday morning at $81.14, down more than $4 per barrel since this time last week.
For total motor gasoline, the EIA reported that inventories decreased by 2.5 million barrels, after rising by 700,000 barrels in the week prior. The most recent figures showed that average daily gasoline production increased to 9.8 million barrels. For middle distillates, inventories increased by 2.2 million barrels with production decreasing to an average of 5.1 million barrels daily. Distillate inventories are now 14% below the five-year average.
Total products supplied—a proxy for U.S. oil demand—averaged 20.5 million barrels per day over the last four weeks, down 3.0% compared to the same period last year. Gasoline demand averaged 8.9 million barrels per day over the last four weeks, while the distillate four-week average supplied averaged 3.8 million barrels—down 2.2% year over year.
Julianne Geiger is a veteran energy journalist and market analyst with more than a decade of experience covering the global oil and gas sector. Her…
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