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AAA says Crude Inventories Rise Less Than Expected
Posted By Clarksville Online News Staff On Sunday, February 10, 2019 @ 1:00 pm In News | No Comments
Tampa, FL – According to AAA At the end of last week, total domestic crude oil inventories rose less than expected – a build of only 1.3 million bbl to total 447.2 million bbl, according to new data from the Energy Information Administration (EIA).
The slight build in crude inventories was supported by a sharp drop in demand for gasoline, which fell by approximately 500,000 b/d to 9.1 million b/d, according to EIA. With crude stockpiles growing less than anticipated, crude prices will likely continue to gain ground.
For market observers, the price gains indicate that the global crude supply is tightening, an anticipated result of OPEC’s production reduction agreement of 1.2 million b/d with other non-OPEC producers, including Russia.
The reduction remains in effect for the first six months of 2019.
Additionally, the global crude supply is expected to tighten as a result of U.S.-imposed sanctions on crude exports from Venezuela, which could send prices higher. In the weeks ahead, rising crude prices will likely increase pump prices for motorists across the country since the price per barrel of crude comprises approximately 50 percent of the cost consumers pay at the pump.
The Auto Club Group (ACG) is the second largest AAA club in North America. ACG and its affiliates provide membership, insurance, financial services and travel offerings to over 9.6 million members across eleven states and two U.S. territories including Florida, Georgia, Iowa, Michigan, Nebraska, North Dakota, Tennessee, Wisconsin, Puerto Rico and the U.S. Virgin Islands; most of Illinois and Minnesota; and a portion of Indiana.
ACG belongs to the national AAA federation with more than 59 million members in the United States and Canada and whose mission includes protecting and advancing freedom of mobility and improving traffic safety. Motorists can map a route, identify gas prices, find discounts, book a hotel, and access AAA roadside assistance with the AAA Mobile app for iPhone, iPad and Android.
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