OLD BRIDGE, N.J. (DTN) -- Oil futures nearest to delivery traded on the New York Mercantile Exchange and Brent crude on the Intercontinental Exchange were last seen trading higher after data from the Energy Information Administration showed commercial crude oil stocks declined 1.5% last week, far outpacing Tuesday's reported declines by the American Petroleum Institute.
Commercial crude inventories slumped 6.1 million bbl to 404.9 million bbl during the week-ended July 20 EIA said, substantially higher than API's reported 3.16 million bbl inventory drop. EIA said crude oil stocks remain 16.2% less than a year ago, while stocks at Cushing, Oklahoma, the delivery point for the NYMEX West Texas Intermediate contract, fell for a tenth straight week, down 1.127 million bbl to a 23.7 million bbl three-year, nine-month low.
Gasoline inventories EIA said, dropped 2.3 million bbl to 233.5 million bbl that was far less than API's reported 4.87 million bbl drop. EIA said distillate stocks declined a paltry 101,000 bbl last week compared to an API reported supply decline of 1.32 million bbl.
EIA reported implied demand for oil products at a strong 21.7 million bpd, up 399,000 bpd and the second highest weekly demand rate of the year.
Gasoline supplied to market, or implied demand, showed the fourth highest weekly rate in 2018 at 9.846 million bpd, an increase of 138,000 bpd, as imports rose 187,000 bpd to 844,000 bpd. According to EIA, distillate fuel supplied to market increased 26,000 bpd to 4.167 million bpd.
U.S. crude exports increased 1.2 million bpd to 2.683 million bpd during the week profiled, while imports dipped 1.296 million bpd to 7.77 million bpd. Total U.S. crude and products exports averaged 8.051 million bpd last week, the third highest weekly rate in 2018.
At last glance, NYMEX September WTI futures rose 65 cents to $69.17 bbl, while ICE September Brent crude futures were up 50 cents at $73.94 bbl. NYMEX August RBOB futures rose 2.2 cents to $2.1176 gallon, while August ULSD added 1.6 cents to $2.1486 gallon.
Brian Whary can be reached at firstname.lastname@example.org
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