June 24, 2009

Crude oil inventory falls in week

U.S. crude oil inventories dropped by 3.8 million barrels in the week ending June 19, the U.S. Energy Information Administration said Wednesday.

Crude inventories fell from 357.7 million barrels to 353.9 million barrels, during a week, but remain above the upper boundary of the average range for this time of year.

Gasoline inventories, which rose by 3.9 million barrels to 208.5 million barrels in the week, are in the lower half of the average range.

Supplies of distillate fuels, which includes heating oil, increased by 2.1 million barrels to 152.1 million barrels.

Finished gasoline and gasoline blending components inventories both rose during the week, EIA reported.

Total demand for petroleum products in the past four weeks has dropped 6.6 percent compared to a year ago to 18.3 million barrels a day. Gasoline demand is up 0.4 percent, while distillate fuel demand is down 9.3 percent compared to the same four-week period a year ago. Demand for jet fuel has fallen 13.9 percent compared to a year ago.