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U.S. Crude Oil Inventories Dip Last Week - EIA

12/28/2012 11:07 AM ET

Crude oil inventories in the U.S. moved down during the week ended December 21, official data showed Friday.

The U.S. Energy Information Administration in its weekly crude oil report said U.S. commercial crude oil inventories decreased by 0.60 million barrels to 371.10 million barrels last week, but are well above the upper limit of the average range for this time of year.

The week before, crude oil inventories decreased 1.00 million barrels to 371.60 million barrels.

Meanwhile, total motor gasoline inventories jumped by 3.80 million barrels last week, after increasing by 2.20 million barrels in the prior week, and are well above the upper limit of the average range.

Analysts were expecting crude oil inventories to shed 1.90 million barrels and gasoline stocks to add 0.50 million barrels last week

Late Thursday, data from the API revealed that U.S. crude oil inventories dipped 1.20 million barrels and gasoline stocks gained 2.40 million barrels in the week ended December 21.

Oil refinery inputs averaged about 15.30 million barrels per day during the week, which were 266,000 barrels per day below the previous week's average as refineries operated at 90.30 percent of their operable capacity.

Meantime, U.S. crude oil imports during the week averaged over 8.00 million barrels per day last week, down by 374,000 barrels per day from the previous week, official data revealed. Over the last four weeks, imports have averaged 8.30 million barrels per day, which were 294,000 barrels per day below the same four-week period last year.

Light Sweet Crude Oil (WTI) futures for February delivery are adding $0.40 to $91.27 a barrel.

by RTT Staff Writer

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