Crude Oil and Gasoline Inventories Increase
U.S. crude oil supplies increased 0.3 million barrels (0.08%) for the week ending June 14, according an Energy Information Administration (EIA) report (link opens a PDF) released today.
After increasing 2.5 million barrels the previous week, these newest numbers put oil supplies slightly closer to reaching late May's record highs. This latest bump was fueled by an increase in imports, up 586,000 barrels per day (bpd) from the previous week.
Gasoline inventories eased up a slight 0.2 million barrels after increasing 2.7 million barrels the week before. Demand for motor gasoline is down a seasonally adjusted 0.4% over the last four weeks, and supplies remain "above the upper limit of the average range."
After rising less than a cent the previous week, pump prices fell $0.029 to a national average of $3.626 per gallon. Compared to the same time last year, consumers are paying an average $0.093 more per gallon.
Unlike crude oil and gas, distillates supplies fell 0.5 million barrels for the second week of declines. Distillates demand is up a seasonally adjusted 8.5% over the last four weeks, and supplies remain "in the lower half of the average range" according to the EIA.
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