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EIA crude stocks rose 549,000 barrels and are now 30.037 million barrels above year ago stock levels. Also, EIA crude stocks stand 11.9 million barrels above the 16 year average. Over the last 4 weeks, crude stocks are down a combined 1.635 million barrels. Crude oil imports for the week stood at 9.249 million barrels per day compared to 9.118 million barrels per day the previous week. The refinery operating rate stood at 82.46% down 2.22 from last week and compared to last year’s rate of 89.38% and the 5yr average rate of 91.2%. Total product demand over the past 4 weeks was down 3.7% vs year ago.
EIA gasoline stocks rose 800,000 barrels and are now 2.259 million barrels above the 16 year average. Compared to year ago levels, gasoline stocks are at a 7.397 million barrel deficit. The net change in gas stocks over the last 4 weeks has been a rise of 9.16 million barrels. Gasoline demand over the past 4 weeks was down 2.27% vs year ago. Gas demand stood at 9.106 million barrels per day which is 180,000 barrels per day below year ago. Gasoline imports came in at 1.145 million barrels per day compared to 1.254 million barrels per day the previous week.
EIA distillate stocks rose 694,000 barrels and stand at 1.9 million barrels above last year’s level. Distillate demand over the past 4 weeks was down 3.3% vs year ago. Distillate demand stood at 4.31 million barrels per day compared to 4.102 million barrels per day the previous week and 30,000 barrels per day below year ago. Heating oil stocks rose 53,000 barrels and stand at 41.218 million barrels, which leaves stocks 218,000 above year ago.
