U.S. Gasoline Inventories Unexpectedly Decline, Oil Relatively Inline

(CEP News) - U.S. gasoline inventories unexpectedly contracted ahead of the summer driving season, weekly data released Wednesday showed.

The U.S. Energy Information Administration (EIA) said gasoline supplies fell 2993k compared to the -1000k consensus estimate. The data is for the week ending March 6.

Crude oil inventories increased 749k compared to the +250k consensus. In the past four weeks, the changes in oil supply have been less than 1000k.

Crude prices were lower by $1.31 prior to the data but pared those losses after the data and were most recently down $1.05 to $44.65.

The EIA figures showed gasoline demand was higher in year-over-year terms. At 9.0 million barrels per day, gasoline demand was flat compared to last week but up 1.6% from the same period last year.

Distillate supply figures tempered bullish enthusiasm for the energy complex; the EIA said supplies rose by 2108k compared to expectations of an 200k build.

Refinery utilization was down 0.43 percentage points, following a 1.76 percentage point increase last week. Analysts weren’t expecting any change in utilization, which is down compared to a year ago. Refineries are operating at 82.7% of capacity, the EIA said. Crude oil imports rose by 0.093 million barrels per day to 9.1 mbpd.

There continues to be a huge supply overhang, with crude inventories “above the upper limit of the average range for this time of year,” according to the EIA.

Gasoline inventories are “in the lower half of the average range,” while distillate inventories are “above the upper limit of the average range for this time of year,” the EIA revealed.

All data taken at 10:36 a.m. EST.

By Adam Button, abutton@economicnews.ca

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Posted in Categories: Commodities, Economy, Eurozone, Releases, USA.

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