Crude oil and gasoline inventories in the U.S. moved down during the week ended July 13, official data showed Wednesday.
The U.S. Energy Information Administration in its weekly crude oil report said U.S. commercial crude oil inventories decreased by 0.80 million barrels to 377.40 million barrels last week, but are above the upper limit of the average range for this time of year.
The week before, crude oil inventories decreased by 4.70 million barrels to 378.20 million barrels.
Moreover, total motor gasoline inventories moved down by 1.80 million barrels last week, after increasing by 2.80 million barrels in the prior week, and are in the lower limit of the average range.
Analysts were expecting crude oil inventories to decline by 1.40 million barrels and gasoline stocks to add 700,000 barrels last week
Late Tuesday, data from the API revealed that U.S. crude oil inventories moved down by 2.0 million barrels and gasoline stocks eased 116,000 barrels in the week ended July 13.
Oil refinery inputs averaged 15.50 million barrels per day during the week, which were 236,000 barrels per day below the previous week's average as refineries operated at 92.0 percent of their operable capacity.
Meantime, U.S. crude oil imports during the week averaged 8.90 million barrels per day last week, up by 311,000 barrels per day from the previous week, official data revealed. Over the last four weeks, imports have averaged about 8.90 million barrels per day, which were 405,000 barrels per day below the same four-week period last year.
Light Sweet Crude Oil (WTI) futures for August delivery are edging up $0.01 to $89.23 a barrel.
by RTT Staff Writer
For comments and feedback: email@example.com