US crude oil inventories were up by nearly 6 million barrels last week according to the latest figures Wednesday from the US Energy Information Administration, nearly equal to the American Petroleum Institute's estimate released Tuesday of a 6.2 millon barrel increase.
The EIA estimate is of 468.2 million commercial crude barrels in storage, up 5.9 million this week versus 4.6 million last week; that's a decline of 2.5% year-over-year.
The EIA estimated a record decrease in gasoline stockpiles of 8.4 million barrels, a 4.4% decline over last year.
API reported gasoline supplies down by nearly 8 million barrels, distillate inventories down by 1.8 million.
The Wall St. Journal said Wednesday there was a consensus that oil increases should be up by 3.7 million barrels, gasoline down 3 million and distillates down by 1.3 million.
Gasoline stockpiles were down, of course, because of refinery and pipeline shutdowns following Hurricane Harvey.
By Mike Shiloh
Copyright September 13, 2017, Mike Shiloh, Texas Energy Report LLC, www.texasenergyreport.com, All rights are reserved