Oil Stockpiles Fall, Demand Down

WASHINGTON, Nov. 18 (UPI) — U.S. crude oil inventories fell by 0.9 million barrels in the week ending Nov. 13, the U.S. Energy Information Administration said Wednesday.

Crude inventories fell to 336.8 million barrels during the week with levels slightly above the upper limit of the average range for this time of year.

Gasoline inventories decreased by 1.7 million barrels to 209.1 million barrels and are above the upper limit of the average range.

Supplies of distillate fuels, which include heating oil, increased by 0.3 million barrels to 167.4 million barrels.

Finished gasoline inventories increased and gasoline blending components inventories decreased during the week, EIA reported.

Demand for petroleum has dropped from a year ago. Using a four-week rolling average, gasoline demand is down 0.4 percent, distillate fuel demand down 11.4 percent and jet fuel demand down 2.9 percent compared with a year ago.

In total, the demand for petroleum products has dropped 4.1 percent to 18.6 million barrels per day compared to a year ago.

Copyright 2009 by United Press International

Categorized | Energy, Energy & Fuels
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