Crude Oil and Gasoline Inventories Rise
U.S. crude oil supplies increased 2.5 million barrels (0.64%) for the week ending June 7, according to an Energy Information Administration (EIA) report (link opens a PDF) released today.
After falling 6.3 million barrels the previous week from record highs, this newest report puts inventories on the rise once again. Imports managed a 582,000 barrel-per-day (bpd) increase, while crude oil refinery inputs fell a slight 225,000 bpd.
Motor gasoline inventories expanded, up 2.7 million barrels after a 400,000-barrel dip the week before. While gasoline production has remained stable over the last four weeks, demand is down a seasonally adjusted 0.4%.
Despite the decrease in demand, pump prices squeaked out a slight $0.009 increase to a national average of $3.655 per gallon. Compared to the same day last year, pump prices are up $0.083.
Distillates were the only fuel to take a dip this past week, down 1.2 million barrels after a 2.6 million-barrel rise the previous week. Distillate fuel product demand is up a respectable 9.2% compared to last year, and its inventories remain "in the lower half of the average range for this time of year."
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