US gasoline stockpiles lower last week

Crude oil prices rose after the US Energy Information Administration released its newest figures on inventories on Wednesday. The data shows that crude oil supplies were 700,000 barrels higher in the week ending April 6, to a total of 333.4 million barrels in storage. Distillates stockpiles also rose during the week, by 100,000 barrels to 118.1 million barrels.

Gasoline inventories, however, dropped much more than had been expected, falling 5.5 million barrels to 199.7 million barrels. The decline was driven by higher demand and lower imports, and sent gasoline futures on the New York Mercantile Exchange up 4.7 cents to $2.17 per gallon, their highest price in eight months.

Demand over the past four weeks was up 2.5 percent from the same period last year, to an average of 9.36 million barrels per day, while imports were down by nearly half a million barrels per day to 953,000 barrels per day during the week. Refinery capacity usage was a bit higher during the week, up 1.4 percent to 88.4 percent of capacity.

West Texas Intermediate crude added 54 cents to $62.43 per barrel after the EIA figures were announced.