U.S. crude inventories rose 4.6 million barrels last week, helping to push oil prices down on Wednesday.
The country’s commercial crude inventory rose to 418.5 million barrels in the week ending Friday, from about 414 million barrels the week before, the Department of Energy said on Wednesday. With the increase, the country has about 7% less crude than the five-year average for this time of year, the Department of Energy said.
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Gasoline inventories rose 200,000 barrels last week and are 3% below the five-year average for this time of year. Jet fuel inventories rose 500,000 barrels last week.
Refineries consumed an average of 15.4 million barrels per day during the week, about 67,000 barrels per day more than the previous period, the Department of Energy said. The refineries were operating at about 88.1% of their capacity. Over the past four weeks, refineries have produced 9.2 million barrels of gasoline per day, about 8.5% more than in the same period last year, when much of the country was shut down amid the pandemic.
Demand for all petroleum products over the past four weeks has averaged 20.4 million barrels per day, 13.7% higher than the same period last year, while demand for Motor gasoline products supplied averaged 9.2 million barrels per day, 8.5% more than the same period last year. year.
Meanwhile, demand for jet fuel products increased 64% from the same four-week period last year, the Energy Department said.