Saudi Arabia’s crude oil stockpiles fell in March for the fifth month in a row reaching the lowest level in 18 months as the kingdom kept shipping crude to meet customer demand while keeping a lid on production. Stockpiles dropped to 296.7 million barrels in March from 305.6 million barrels in February, according to data published on the website of the Riyadh-based Joint Organisations Data Initiative. Stockpiles peaked at 329.4 million barrels in October and have been in decline since then, the data showed.
National Average Price for Regular Unleaded
Month Ago: $2.199
Year Ago: $2.728
National Average Price for Diesel
Month Ago: $2.483
Year Ago: $3.543
National Average Price for Regular – Current: $2.318; Month Ago: $2.277; Year Ago: $1.804. National Average Price for Diesel – Current: $2.524; Month Ago: $2.509; Year Ago: $1.983.
West Texas Intermediate for October delivery lost as much as 79 cents to $46.62 a barrel on the New York Mercantile Exchange and was at $47.02 as of 12:16 a.m. London time. The September contract expired Monday after dropping $1.47 to close at $47.05, the biggest decline since Aug. 1. Total volume traded Tuesday was about 21 percent above the 100-day average. Brent for October settlement lost as much as 66 cents, or 1.3 percent, to $48.50 a barrel on the London-based ICE Futures Europe exchange, having slipped 3.4 percent on Monday. The global benchmark crude traded at a $1.73 premium to WTI. U.S. gasoline stockpiles probably shrank by 1.5 million barrels for a fourth week of declines, according to the median estimate in a Bloomberg survey before the Energy Information Administration report. Crude and motor-fuel inventories are still at their highest seasonal level in at least two decades.