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U.S. Gasoline Stockpile Jump Overwhelms Weekly Drop in Crude Stocks

by Mike Robinson

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© Reuters.

By Barani Krishnan

Investing.com reports that oil stocks dropped almost twice to expectations last week. However, inventories of gasoline increased more than eightfold over the forecast levels, according to data from Energy Information Administration.

The surprise result was that stocks of distillates were actually increasing, despite expectations for a decrease.

fell by 4.72 million barrels for the week ended Dec. 17 — versus a forecast decline of 2.5 million — and added to the 4.58-million slide in the previous week to Dec. 10.

The increase was 5.53 million barrels, compared to the forecasts of a 65,000 rise. The gasoline price dropped by 719,00 barrels in the week prior.

The increase was 396,000 barrels, compared to a predicted drop of 250,000. The distillate stock fell 2.85 million in the past week.

 

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