Crude oil inventories eased 0.9 mln barrels following two consecutive gains that pushed total inventories to their highest level in the year (329.3 mln). Crude supply is still lower than it was a year ago for the fourth straight week, off by 3.6%. Crude oil imports dropped to their lowest in three weeks while total petroleum product import rose to their highest level since the week of August 18. Following the news, May crude was up $1.67 at $64.50 a barrel.
Gasoline inventories dipped 0.3 mln barrels in the week ended March 24. This was the smallest of the seven straight 1-week decreases. Total motor gasoline inventories were down 0.1% but retail prices were up to their highest level since the September 9 week. Gasoline inventories were also 2.8% down from last year; the smallest one year drop in six weeks. Gasoline inventories have been lower from the year-ago level for seven consecutive weeks while consumption levels are higher from year ago levels by an average of 1.4%. Distillate inventories dropped by a small 0.7 mln barrels, down for the ninth straight week.
Distillate demand dropped 2.6%, a fifth straight drop. Residual fuel was off 11.9% and total petroleum product was down 2.5% after rising 1.6% in the prior week.
There were no additions made to the Strategic Petroleum Reserve. The ratio of SPR to market inventories was down to 2.091 from 2.116, the lowest this year.
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