Started by metmike - March 18, 2020, 8:21 p.m.
EIA reports an 8th straight weekly rise in U.S. crude supplies
Data from the Energy Information Administration on Wednesday revealed that U.S. crude supplies rose by 2 million barrels for the week ended March 13, following seven straight weeks of increases. Analysts polled by S&P Global Platts expected the data to show a rise of 2.6 million barrels. The American Petroleum Institute on Tuesday reported a fall of 421,000 barrels, according to sources. The EIA data showed supply declines of 6.2 million barrels for gasoline and 2.9 million barrels for distillates. The S&P Global Platts survey had shown expectations for supply declines of 3.8 million barrels for gasoline and 3.2 million barrels for distillates. Oil prices continued to trade sharply lower on the back of demand worries tied to COVID-19.
By metmike - March 18, 2020, 8:23 p.m.
- Total motor gasoline inventories decreased by 6.2 million barrels last week and are near the five year average for this time of year.
- Finished gasoline and blending components inventories both decreased last week.
- Distillate fuel inventories decreased by 2.9 million barrels last week and are about 11% below the five year average for this time of year.
- Propane/propylene inventories decreased by 300,000 barrels last week and are near the five year average for this time of year.
- Total commercial petroleum inventories decreased last week by 7.7 million barrels last week.