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Crude oil and gasoline gluts beginning to shrink

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Written by: Jordan Blum

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The nation’s massive stockpiles of crude oil and refined gasoline are finally beginning to shrink in tandem, the Energy Department said Wednesday.

Although oil and refining production levels are on the rise, the amount of oil and gasoline sitting in storage are falling. Crude inventories fell by 2.5 million barrels from last week, while motor gasoline stockpiles dipped by 2.7 million barrels.

Still the Energy Department cautioned that commercial crude oil stockpiles of 521 million barrels are still at “historically high levels for this time of year,” while motor gasoline inventories of 232.7 million barrels remain “well above” average.

U.S. oil prices are hovering above $46 a barrel after a few days of increases.

Although crude and gasoline stockpiles are down, the nation’s overall petroleum stocks rose slightly in the last week. That’s because inventory levels rose for distillates, which are used to make diesel and heating oils, and for propane and propylene.

TAGS: Oil, Crude, Energy, Petroleum

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Written by: Jordan Blum

Click HERE to Read Article From Publisher
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