Highlights
Energy stocks were mixed for the July 6 week. Crude oil stocks fell 1.4 million barrels in the July 6 week to 352.6 million, part of a weekly report that is likely to support oil prices over the next week. Gasoline stocks rose 1.2 million barrels in the week with distillates up 0.8 million barrels. Refineries continued to nudge output up, operating at 90.2 percent of capacity, compared to 90.0 percent the previous week. However, according to the EIA, gasoline production was down compared to the previous week. Crude stocks are 5.1 percent above year ago levels; stocks of motor gasoline, down 3.8 percent; distillate stocks, down 6.8 percent; jet fuel, up 4.6 percent; and residential fuel oil, down 17.8 percent. For the same week, demand for gasoline is up a modest 1.4 percent; distillates, up 3.6 percent; and jet fuel, down 0.4 percent.