Oil Inventories Up 1.8% to Highest Level Since November
U.S. crude-oil supplies increased 6.6 million barrels (1.8%) for the week ending March 21, according to an Energy Information Administration report (link opens a PDF) released today.
After expanding 5.9 million barrels the previous week, this latest report puts overall supplies at a size not seen since last November. While an increase in refinery inputs helped slow the inventory increase somewhat, a boost in oil imports kept supplies expanding. Overall inventories have declined 0.9% in the past 12 months.
While oil supplies soared, gasoline inventories dropped 5.1 million barrels (2.3%) after falling 1.5 million barrels the week before. Demand for motor gasoline over the last four-week period is up a seasonally adjusted 3.4%. In the last year, supplies have dropped 1.8%.
Over the past week, retail gasoline pump prices edged up to $3.55 per gallon.
Distillates supplies, which include diesel and heating oil, increased 1.6 million barrels (1.4%) after shrinking 3.1 million barrels the week before. Distillates demand for the last four weeks is down a slight seasonally adjusted 0.9%. In the past year, distillates inventories have declined 2.5%.
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