Crude Oil Inventories Fall 0.8%
U.S. crude oil supplies fell 2.8 million barrels (0.8%) for the week ending Aug. 9, according to an Energy Information Administration report (link opens a PDF) released today.
After decreasing 1.3 million barrels the previous week, this latest report puts inventories down for three of the last four weeks and 1.5% below year-ago levels.
While imports remained almost unchanged over the most recent week, refinery inputs dropped around 282,000 barrels per day (bbpd) below last week's average.
Gasoline inventories decreased by 1.2 million barrels (0.5%) after bumping up a slight 100,000 barrels the week before. Demand for motor gasoline over the past four weeks is up a seasonally adjusted 2.6% over the same period last year, and supplies remain "near the upper limit of the average range."
Distillates supplies, which include diesel and heating oil, expanded 2 million barrels for the second week of increases. Distillates demand over the past four weeks is up a seasonally adjusted 8.1% over the same period last year, and supplies are "near the lower limit of the average range for this time of year," according to the EIA.
-- Material from The Associated Press was used in this report. link
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