Crude Oil is Steady despite Decline in Gasoline and Heating oil

Crude oil prices held steady during the North American Trading session despite declines in gasoline and heating oil following builds in both products. The larger than expected decline in inventories in crude oil kept prices above water.

On Wednesday the Department of Energy released its weekly inventory estimate. According to the EIA U.S. commercial crude oil inventories decreased by 5.5 million barrels from the previous week. Analyst had expected a decline of 2 million barrels. U.S. crude oil inventories remain near levels not seen for this time of year in the last 80 years. Gasoline inventories increased by 1.7 million barrels last week, but are in the middle of the average range. Distillate fuel inventories increased by 1.4 million barrels last week and are also in the middle of the average range for this time of year.

On the demand front, total products demand the last four-week period averaged 20.3 million barrels per day, up by 2.4% from the same period last year. Over the last four weeks, gasoline demand averaged about 9.6 million barrels per day, up by 5.8% from the same period last year. Distillate fuel demand averaged 3.7 million barrels per day over the last four weeks, down by 5.7% from the same period last year.

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