Crude Oil Supplies Steady, Gasoline Demand Down
U.S. crude oil supplies remained unchanged for the week ending June 21, according to an Energy Information Administration report (link opens a PDF) released today.
After bumping up 300,000 barrels the previous week, inventories remain near record high levels.
While oil remained unmoved, gasoline inventories jumped 3.7 million barrels after easing up 200,000 barrels the week before. Demand for motor gasoline is down a seasonally adjusted 0.3% over the last four weeks, and supplies are "well above the upper limit of the average range."
After dropping $0.029 the previous week, pump prices fell $0.049 to a national average of $3.577 per gallon. Compared to the same time last year, consumers are paying an average $0.140 more per gallon.
Distillates supplies increased 1.6 million barrels after falling 300,000 barrels the previous week. Distillates demand is up a seasonally adjusted 9.3% over the last four weeks, and supplies remain "in the lower half of the average range for this time of year," according to the EIA.
The article Crude Oil Supplies Steady, Gasoline Demand Down originally appeared on Fool.com.
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