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Gasoline Inventories Fell Unexpectedly in Week Ending July 17

Crude Oil Stocks Were Up Last Week, Pressuring WTI

(Continued from Prior Part)

Gasoline inventories

The EIA (U.S. Energy Information Administration) reported that gasoline inventories decreased by 1.7 million barrels (or MMbbls) to 216.3 MMbbls in the week ended July 17. Analysts had expected inventories to increase by 0.3 MMbbls. This relieved some pressure on WTI crude oil prices due to the bearish overall Cushing inventory number. Check out the previous parts of this series to find out more about the latest crude oil inventory trends.

What this means

When gasoline inventories decrease unexpectedly, it’s usually bullish for gasoline prices. Higher prices fetch more...