Crude Oil Supplies up 1.1% for Fourth Week of Expansion
After delays caused by the US government shutdown, the petroleum status report is back. US crude oil supplies increased 4.0 million barrels (1.1%) for the week ending Oct. 11, according to an Energy Information Administration report (link opens a PDF) released today.
After increasing 1.9% the previous week, this latest report marks the fourth straight week of inventory expansion. While refinery inputs fell slightly in the most recently reported week, high import levels continued to keep supplies growing. Overall inventories have increased 1.4% in the past 12 months.
Gasoline inventories dropped off 2.6 million barrels in the week ended Oct. 11 (1.2%) after edging up 0.1 million barrels the week before. Demand for motor gasoline over the last four-week period is up a seasonally adjusted 1.7% over the same period last year. In the last year, supplies have expanded 10.2%.
Distillates supplies, which include diesel and heating oil, fell 1.8 million barrels (1.4%) for the fifth consecutive week of inventory draws. Distillates demand for the last four weeks is down a seasonally adjusted 3.4% over the same period last year, and supplies remain near the lower limit of the average range for this time of year, according to the EIA. Over the past 12 months, distillates inventories have increased 4.6%.
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