US Crude Oil Inventories Drop

The US Energy Information Administration reported an inventory draw of 600,000 barrels for the week to December 18. This followed a draw of 3.1 million barrels estimated for the previous week. At 499.5 million barrels, US crude oil inventories were about 11% above the five-year average for this time of year. According to the EIA, total motor gasoline inventories decreased by 1.1 million barrels last week and were about 4% above the five-year average for this time of year. Finished gasoline inventories increased while blending components inventories decreased last week. Distillate fuel inventories increased by 2.3 million barrels last week and were about 10% above the five-year average for this time of year. Propane/propylene inventories decreased by 2.3 million barrels last week and were about 4% above the five-year average for this time of year. Total commercial petroleum inventories fell by 10.7 million barrels last week.

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