Crude Oil Inventories Fall 2.6%


U.S. crude oil supplies dropped off 10.3 million barrels (2.6%) to 383.8 million barrels for the week ending June 28, according to an Energy Information Administration report (link opens a PDF) released today.

After remaining steady the previous week, this latest drop is the largest since last December. The decrease was a combined result of a 386,000 barrels-per-day increase in refinery inputs and a 891,000 bbpd drop in imports.


Gasoline inventories also fell, down 1.7 million barrels after moving up 3.7 million barrels the week before. Demand for motor gasoline over the past four weeks is unchanged from 2012, and supplies remain "well above the upper limit of the average range."

After falling $0.049 the previous week, pump prices dropped $0.081 again to a national average of $3.496 per gallon. Compared with the same time last year, consumers are paying an average $0.14 more per gallon.


Distillates supplies also dropped 2.4 million barrels after increasing 1.6 million barrels the previous week. Distillates demand is up a seasonally adjusted 10.6% over the past four weeks, and supplies are "near the lower limit of the average range" for this time of year, according to the EIA.


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