Crude oil inventories in the United States decreased by 1.3 million barrels during the week ending December 12, after losing 1.8 million barrels in the week prior, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday.
The decrease brings commercial stockpiles to 424.4 million barrels according to government data, which is 4% below the five-year average for this time of year.
The EIA’s data release follows API’s figures that were released a day earlier, which suggested that crude oil inventories fell by a massive 9.2 million barrels.
Crude prices were trading higher on Wednesday morning after a brutal start to the week that saw Brent dip below $60. At 10:04 a.m. in New York, Brent was trading at $59.77 per barrel—up $0.85 (+1.44%) on the day. Brent is still trading down almost $2 per barrel compared to this time last week. WTI was also trading up, by $0.76 per barrel (+1.38%) in early trade.
For total motor gasoline, the EIA reported that inventories had increased by 4.8 million barrels, on top of the 6.4 million barrel gain in the week prior. The most recent figures showed average daily gasoline production hovered at 9.6 million barrels. For middle distillates, inventories increased by 1.7 million barrels, with production easing by 228,000 barrels daily to an average of 5.2 million barrels daily. Distillate inventories are now 6% below the five-year average for this time of year.
Total products supplied—a proxy for U.S. oil demand—rose to an average of 20.5 million barrels per day over the last four weeks, up 0.8% compared to the same period last year. Gasoline demand averaged 8.6 million barrels per day over the last four weeks, while the distillate four-week average supplied averaged 3.7 million barrels—down 2.2 percent year over year.
