Economy

Crude inventories up again, gasoline, diesel stocks down

Crude inventories up again, gasoline, diesel stocks down”

The American Petroleum Institute reported late Tuesday that crude oil inventory levels rose last week in the United States by 1.4 million barrels.

The U.S. Energy Information Administration's (EIA) recently released International Energy Outlook 2017 (IEO2017) projects that world energy consumption will increase by 28 percent between 2015 and 2040. On the East Coast, crude stockpiles touched the lowest level seasonally since 2014.

Oil prices declined Tuesday as traders anticipated a buildup in USA crude stockpiles.

Crude oil prices rebounded in Asia on Tuesday with industry estimates of US inventories ahead expected to set the near-term tone. "However, this has had limited impact in dissipating the bullish sentiment prevailing in the market".

Crude oil prices remained supported near multi-month highs on Tuesday, still boosted by an overall upbeat outlook for global supply and demand, while markets awaited the release of fresh data on USA stockpiles. Benchmark Brent crude traded up $1.18 at $56.32.

The U.S. West Texas Intermediate crude October contract was at $50.59 a barrel by 09:00 a.m. ET (13:00 GMT), up 24 cents or about 0.48%, just off a four-month peak of $50.84 reached overnight.

Distillate stockpiles, which include diesel and heating oil, fell by 5.7 million barrels, versus expectations for a 1.6 million-barrel drop, the EIA data showed.

S&P Platts said at the start of this week that analysts it polled had forecast a 2.4-million-barrel build in crude oil stockpiles, with the agency warning this would pressure prices, along with a surge in oil imports. In the week before Harvey hit, refining rates were at 96.6 percent, their highest since 2005.

U.S. gasoline demand hit 9.8 MMbpd in July 2017-the highest level ever.

These, according to the authority, stood at 472.8 million barrels as of last Friday, up by 4.6 million barrels from the previous week, which saw a 5.9-million-barrel increase.



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