Crude oil inventories rose again in the recent week, according to the latest Energy Information Administration data released on Wednesday. Gasoline stockpiles also surged. The builds were in-line with the expectations of analysts.
Oil prices remained below $69 a barrel on the New York Mercantile Exchange after the report. Light sweet crude fell to $68.64, down $3.54 on the session. Prices touched as low as $67.50, the lowest intraday level since August 2007.
U.S. commercial crude oil inventories increased by 3.2 million barrels in the week ended Oct. 17. At 311.4 million barrels, U.S. crude oil inventories are in the upper half of the average range for this time of year.
Total motor gasoline inventories increased by 2.7 million barrels last week, and are at the lower boundary of the average range. Distillate fuel inventories rose by 2.2
million barrels, and are near the lower limit of the average range for this time of year. Propane/propylene inventories decreased by 0.1 million barrels last week. Total commercial petroleum inventories increased by 9.5 million barrels last week.
Over the last four weeks, motor gasoline demand has averaged 8.8 million barrels per day, down by 4.3 percent from the same period last year. Distillate fuel demand has averaged about 3.9 million barrels per day over the last four weeks, down by 5.8 percent from the same period last year. Jet fuel demand is 9.2 percent lower over the last four weeks compared to the same four-week period last year.
Last week's data showed crude oil inventories increased by 5.6 million barrels in the week ended Oct. 10. Experts were calling for a more modest build of about 3.5 million barrels. Total motor gasoline inventories increased by 7.0 million barrels.
