Article by ForexTime
Crude oil prices moved higher on Wednesday following two reports that showed declined in crude oil and heating oil inventories. This is likely to be the last week of decline in inventory as next week many refiners will begin their maintenance which will allow crude oil stocks to increase ahead of the heating season.
U.S. crude oil refinery inputs averaged 16.2 million barrels per day during the week ending September 18, 2015, 310,000 barrels per day less than the previous week’s average. Refineries operated at 90.9% of their operable capacity last week. Gasoline production increased last week, averaging over 9.5 million barrels per day. Distillate fuel production increased slightly last week, averaging 5.1 million barrels per day.
U.S. commercial crude oil inventories decreased by 1.9 million barrels from the previous week. Total gasoline inventories increased by 1.4 million barrels last week, and are in the upper half of the average range. Distillate fuel inventories decreased by 2.1 million barrels last week but are in the middle of the average range for this time of year.
Demand remained strong. Total products demand over the last four-week period averaged 19.7 million barrels per day, up by 1.6% from the same period last year. Over the last four weeks, gasoline demand average about 9.2 million barrels per day, up by 3.0% from the same period last year. Distillate fuel demand averaged 3.8 million barrels per day over the last four weeks, up by 1.3% from the same period last year. Jet fuel demand is up 5.7% compared to the same four-week period last year.
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