U.S. Crude Oil Supplies Jump 2.6%
U.S. crude oil supplies jumped 10 million barrels (2.6%) for the week ending April 11, according to an Energy Information Administration report (link opens a PDF) released today.
After increasing 4 million barrels the previous week, oil inventories continued their steady 2014 rise. This latest expansion is primarily due to a sharp rise in imports, and is the largest week-to-week move since a decline in early December. Taking this latest increase into account, overall inventories have expanded 1.7% in the past 12 months.
Gasoline inventories dipped an additional 0.2 million barrels (0.05%) in the most recent week after falling 5.2 million barrels the week before. Demand for motor gasoline over the last four-week period is up a seasonally adjusted 4.6%. In the last year, supplies have fallen 5.1%.
Over the past week, retail gasoline pump prices increased 1.5% to $3.65 per gallon.
Distillates supplies, which include diesel and heating oil, fell 1.3 million barrels (1.1%) for the first decline since mid-March. Distillates demand for the last four weeks is down a seasonally adjusted 1.4%. In the past year, distillates inventories have declined 2.9%.
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