Crude Oil Inventories Drop 1.9%

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

U.S. crude oil supplies continue to drop, down 7.0 million barrels (1.9%) for the week ending Dec. 27, according to an Energy Information Administration report (link opens a PDF) released today.

After falling 4.7 million barrels the previous week, this latest report marks the fifth straight week of draws. Refinery inputs continue to push supplies down, with refinery capacity utilization rates clocking in at 92.3%. Overall inventories are up 0.2% in the past 12 months. 


Source: eia.gov. 

Gasoline inventories increased 0.8 million barrels (0.4%), cancelling out the previous week's 0.6 million barrel draw. Demand for motor gasoline over the last four-week period is up a seasonally adjusted 3.5% over the same period a year ago. In the last year, supplies have decreased 2.2%. 

Over the past week, retail gasoline pump prices increased $0.06 per gallon to $3.331 per gallon on Dec. 30.

Source: eia.gov. 

Distillates supplies, which include diesel and heating oil, added on 5.0 million barrels (4.4%) after dropping 1.9 million barrels the previous week. Distillates demand for the last four weeks is up a seasonally adjusted 1.3% from the same period the previous year. In the past year, distillates inventories have dropped 4%. 

Source: eia.gov. 

link

The article Crude Oil Inventories Drop 1.9% originally appeared on Fool.com.

You can follow Justin Loiseau on Twitter, @TMFJLo, and on Motley Fool CAPS, @TMFJLoTry 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 - 2014 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

Man Suspects His Wife Is Cheating On Him - Then His Daughter Reveals What's Really Going Man Suspects His Wife Is Cheating On Him - Then His Daughter Reveals What's Really Going
Rescuer Sees Bumps All Over This Dog's Skin - Then X-Rays Reveal The Tragic Story Rescuer Sees Bumps All Over This Dog's Skin - Then X-Rays Reveal The Tragic Story
Don't Get Too Close To a Newborn Giraffe Unless You Want to Get Kicked in the Nuts Don't Get Too Close To a Newborn Giraffe Unless You Want to Get Kicked in the Nuts