Crude Oil Inventories Expand 0.7% on Record Production and More Imports

Before you go, we thought you'd like these...
Before you go close icon

U.S. crude oil supplies increased 2.6 million barrels (0.7%) in the week ending November 8, according to an Energy Information Administration report (link opens a PDF) released today.

After increasing 0.4% the previous week, this week's numbers mark the eighth straight week of inventory expansion. In this latest report, imports increased 620,000 barrels per day (bbpd) over the previous week as domestic production continued to reach record heights. Overall inventories have increased 3.2% in the past 12 months. 


Source: eia.gov 

While oil expanded, gasoline inventories fell 0.8 million barrels (0.4%) after dropping 3.8 million barrels the week before. Demand for motor gasoline over the last four-week period is up a seasonally adjusted 4.7%. Over the last year, supplies expanded 3.6%. 

Over the past week, retail gasoline pump prices fell $0.07 per gallon.

Source: eia.gov 

Distillates supplies, which include diesel and heating oil, decreased 0.5 million barrels (0.4%) for the third consecutive week of declines. Distillates demand for the last four weeks was up a seasonally adjusted 6.9%. Over the past year, distillates inventories increased 1.6%. 

Source: eia.gov 

link

The article Crude Oil Inventories Expand 0.7% on Record Production and More Imports originally appeared on Fool.com.

Follow Fool contributor Justin Loiseau on Twitter, @TMFJLo, and on Motley Fool CAPS,@TMFJLo.Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

Read Full Story

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners