Growing fuel inventories offset dip in crude stockpiles

Growing inventories of refined fuel offset a big dip in crude oil stockpiles last week.

The nation’s supply of commercial crude oil sitting in storage fell by 3.6 million barrels. However, gasoline inventories grew by 3.4 million barrels. On top of that, stocks of distillate fuel oil — used to make diesel and other products — increased by 2.7 million barrels, according to the Energy Department.

Even jet fuel inventories jumped by 1.6 million barrels.

Part of the decline in crude stockpiles came from the U.S. exporting 1.15 million barrels of oil, up substantially from 565,000 barrels a week prior. On the other hand, crude imports also rose.

Crude stockpiles have fallen a bit from record highs this spring, but the inventory levels are still well above average.

The U.S. benchmark for crude oil was hovering above $49 a barrel on Wednesday.