EIA reported crude oil inventories slid for a second straight week by 1.1 mln barrels for the week ended December 2. This is the third decline in 10 weeks. Weekly crude imports dropped to the lowest in three weeks. The year-ago change in inventories was up 6.3%. Following the data release, crude oil futures rose 7 cents to $62.50.
Gasoline inventories were also down by 1.1 mln barrels and slid 1.3% from year-ago levels. Distillate inventories slid for the ninth straight week by 0.4 mln barrels but were higher by 1.4% from year-ago levels.
The government made no additions to the strategic petroleum reserve (SPR) for the third straight week. The current SPR to inventories ratio rose slightly to 2.020 from 2.018. This is the weakest since July.
Gasoline consumption rose 1.7% after rising 1.9% in the thanksgiving week while the distillate consumption rose 0.9%. Consumption of all petroleum products slid by 0.2% after a 4.1% rise in the week prior. Petroleum products consumption has been moving back and forth over the last six weeks.
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