August 19, 2009

U.S. oil stockpile drops in week

U.S. crude oil inventories dropped by 8.4 million barrels in the week ending Aug. 14, the U.S. Energy Information Administration said Wednesday.

Crude inventories fell from 352 million barrels to 343.6 million barrels during a week but remain above the upper boundary of the average range for this week of the year, EIA said.

Gasoline inventories declined by 2.1 million barrels to 209.8 million barrels, but remain in the upper half of the average range.

Supplies of distillate fuels, which includes heating oil, fell by 0.7 million barrels to 161.6 million barrels.

Finished gasoline inventories and stocks of gasoline blending components both fell during the week, EIA reported.

Demand for gasoline over the past four weeks is 0.1 percent lower than demand during the same period a year ago. Distillate fuel demand has dropped 9.1 percent in the past four weeks compared to a year ago. Jet fuel demand is also down, off 13.5 percent from a year ago, the report said.