Crude Oil Supplies Drop for 4th Straight Week
U.S. crude oil supplies dropped 2.8 million barrels (0.8%) for the week ending July 19, according to an Energy Information Administration report (link opens a PDF) released today.
After dropping off 1.8% the previous week, this report puts crude oil supplies on a month-long shrinking trend. However, this week's milder draw is primarily due to the aftereffects of a larger downward trend, since refinery inputs fell 206,000 barrels per day (bbpd) and imports rose 327,000 bbpd. The latest crude supply number is 4.2% below year-ago levels.
Gasoline inventories fell 0.6% after heading up 1.4% the week before. Demand for motor gasoline is up a seasonally adjusted 3.1% over the last four weeks, and supplies remain "above the upper limit of the average range."
After increasing $0.147 the previous week, pump prices bumped up $0.043 to a national average of $3.682 per gallon. Compared to the same time last year, consumers are paying an average $0.188 more per gallon.
Distillates supplies fell 0.9% after a 3.2% gain the previous week. Distillates demand is up a seasonally adjusted 17.8% over the last four weeks, and supplies are edging closer to the lower limit of the average range for this time of year.
-- Material from The Associated Press was used in this report.
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