Gasoline Inventories Fall Again

U.S. Gasoline Inventories Fall for 6th Straight Week As Production, Imports Drop

WASHINGTON (AP) — U.S. gasoline supplies have declined for six straight weeks, the government said Wednesday, and oil inventories shrank in nine of the last ten weeks, sending crude futures to a new high above $79 a barrel.

Stockpiles of gasoline fell by 700,000 barrels, or 0.4 percent, to 190.4 million barrels for the week ending Sept. 7, the Energy Department’s Energy Information Administration said in its weekly report. That leaves inventories 9.6 percent below year-ago levels.
In the same period, crude oil inventories fell by 7.1 million barrels to 322.6 million barrels, or 2.7 percent below year-ago levels.

The drops were lower than analysts’ expectations, which forecast gasoline inventories would fall by 500,000 barrels and crude oil supplies would fall by 2.7 million barrels.

U.S. refineries also lowered their production by 1.6 percentage points, running at 90.5 percent of their total production capacity on average.

Yahoo Finance