US Commercial Inventory At 80 yr Highs

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The Information Administration () released its weekly petroleum status report Wednesday morning. US commercial Crude Oil inventories decreased by 4.9-M bbl last week, maintaining a total US commercial crude inventory of 463-M bbl. The commercial Crude Oil inventory remains near marks not seen at this time of year in at least the past 80 yrs.

Tuesday evening, the American Petroleum Institute (API) reported that crude inventories fell by 3.2-M bbl, and inventories also declined by 2.9-M bbl in the week ending 19 June. For the same frame analysts estimated a decrease of 2.1-M bbl in Crude Oil inventories.

Total gasoline inventories increased by 700,000 bbl last week, according to the EIA, and remain in the upper half of the 5-yr average range. Total motor gasoline supplied (the agency’s measure of consumption) averaged about 9.4-M a day for the past 4 wks, up by 4.5% compared with the same frame a year ago.

The increase in gasoline inventories is working to lower the prices that consumers pay at the pump.

Before the EIA report, West Intermediate (WTI) crude for August delivery traded up about 0.5% at around 61.30 bbl. The WTI price fell to around 60.80 (down about 0.3% on the day) immediately after the report was released. The 52-wk range on WTI Crude Oil futures is 48.61 to 96.72.

For the past week, Crude Oil imports averaged about 6.8-M BPD, down by 302,000 BPD compared with the prior week. Refineries were running at 94% of capacity, with daily input of over 16.5-M bbl, about 250,000 BPD above the prior week’s average.

According to AAA, the current national average pump price per gallon of regular gasoline is 2.779, down from 2.802 a week ago but up from 2.738 a month ago. Last year at this time, a gallon of regular cost 3.681 on average in the United States.

Analysis for USO: Overall Short Intermediate Long
Neutral (0.21) Neutral (-0.09) Bullish (0.38) Bullish (0.33)
Analysis for UGA:  Overall Short Intermediate Long
Neutral (0.23) Neutral (-0.06) Bullish (0.38) Bullish (0.36)

Stay tuned…

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