September 23, 2009

Crude oil stockpile rises

U.S. crude oil inventories rose by 2.8 million barrels in the week ending Sept.18, the U.S. Energy Information Administration said Wednesday.

Crude inventories rose from 332.8 million barrels to 335.6 million barrels during a week and remain above the upper boundary for the average range for this time of year, EIA said.

Gasoline inventories rose by 5.4 million barrels to 213.1 million barrels, keeping supplies of gasoline above the upper limit of the average range.

Supplies of distillate fuels, which includes heating oil, increased by 3 million barrels to 170.8 million barrels. Finished gasoline and gasoline blending components inventories also increased during the week, EIA reported.

Demand for motor gasoline, at 9.1 million barrels per day on a four-week rolling average, is up 4.5 percent compared to the same period a year ago. Distillate fuel demand, 3.4 million barrels a day, is 8.1 percent lower than a year ago. Jet fuel demand is 5.8 percent lower than the same four-week period of 2008, the report said.