Article by ForexTime
Crude oil prices sliced below $41 following a softer than expected inventory number released Wednesday by the Department of Energy. Inventories showed a counter seasonal build according to the EIA. U.S. commercial crude oil inventories increased by 2.6 million barrels from the previous week. Gasoline inventories decreased by 2.7 million barrels last week, and are in the middle of the average range. Distillate fuel inventories increased by 0.6 million barrels last week but are in the middle of the average range for this time of year.
On the demand front, total products demand over the last four-week period averaged 20.5 million barrels per day, up by 2.9% from the same period last year. Over the last four weeks, gasoline demand averaged 9.6 million barrels per day, up by 6.5% from the same period last year. Distillate fuel demand averaged over 3.7 million barrels per day over the last four weeks, down by 6.6% from the same period last year. Jet fuel demand is up 2.2% compared to the same four-week period last year.
ForexTime Ltd (FXTM) is an award winning international online forex broker regulated by CySEC 185/12 www.forextime.com
