Crude oil inventories rose sharply for a second straight week, up 2.4 mln barrels through October 6. Crude oil inventories had risen by 3.3 mln bbls in the September 29 week, the biggest 1-week gain in 28 weeks. The rise in crude oil inventories was about four times larger than market expectations.
Gasoline inventories rose by 0.3 mln bbls, marking an eighth straight weekly gain. From the last weekly decline in the August 11 week, gasoline inventories have risen 4.9%.
Distillate inventories fell for the first time in nine weeks but are still up 13.2% from the last drop which came in the August 4 week. Distillate consumption rose 2.5%last week to its highest in 30 weeks.
Gasoline consumption rose by 1.8% in the latest week but that followed a 2.2% drop in the prior week. Gasoline consumption had fallen to a 23-week low and consumption of all petroleum products was at a 22-week low heading into this week. The latest rise in gasoline consumption was the largest in any single week in the last 19 weeks. At that time, gasoline was roughly 70 cents higher than it is today.
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