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Crude Oil, Gasoline Inventories Down Sharply as Holiday Weekend Nears

24/7 Wall St.

The U.S. Energy Information Administration (EIA) released its weekly petroleum status report Wednesday morning. U.S. commercial crude inventories decreased by 3.2 million barrels last week, maintaining a total U.S. commercial crude inventory to 384.9 million barrels, and have moved above the upper limit of the five-year range for this time of the year.

Total gasoline inventories decreased by 1.2 million barrels last week and are now in the middle of the five-year average range. Total motor gasoline supplied (the EIA’s measure of consumption) averaged 9 million barrels a day over the past four weeks, up about 0.5% over the same period a year ago.

Distillate inventories rose by 1 million barrels last week and are near 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 by 8% when compared with the same period last year…

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