Crude Oil Supplies Down 0.5%; Gasoline Inventories Drop 0.8%

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U.S. crude oil supplies shrunk by 1.8 million barrels (0.5%) for the week ending August 30, according to an Energy Information Administration report (link opens a PDF) released today.

After expanding 0.8% the previous week, inventories have headed steadily lower over the last couple of months. This latest dip comes from a 119,000 barrels per day (bbpd) decrease in imports, as well as a 162,000 bbpd uptick in refinery inputs.


Gasoline inventories also dropped 1.8 million barrels (0.8%) for the fourth straight week of supply draws. Demand for motor gasoline is down a seasonally adjusted 0.3% for the last four weeks, and supplies are in the upper half of the average range. Despite weaker demand, retail gasoline pump prices increased by $0.06 per gallon over the last week.


Distillates supplies, which include diesel and heating oil, increased 0.5 million barrels (0.5%) after dipping 0.3% the week before. Distillates demand remains strong, up a seasonally adjusted 6.9% for the last four weeks, and supplies remain near the lower limit of the average range for this time of year, according to the EIA.


The article Crude Oil Supplies Down 0.5%; Gasoline Inventories Drop 0.8% originally appeared on

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