U.S. Crude Oil Inventories Hit 31-Year High
U.S. crude oil supplies increased 3.5 million barrels (0.9%) for the week ending April 18, according to an Energy Information Administration report (link opens a PDF) released today. That puts inventories at a three-decade high.
After soaring 2.6% the week before, this latest report marks yet another inventories uptick. According to EIA data, crude oil inventories haven't been this high since August 1982 - more than 31 years ago. Overall inventories have expanded 2.3% in the past 12 months.
Gasoline inventories fell 0.3 million barrels (0.1%) in the most recent week after dipping 0.2 million barrels the week before. Demand for motor gasoline over the last four-week period is up a seasonally adjusted 1.8%. In the last year, supplies have dropped 3.6%.
Over the past week, retail gasoline pump prices increased $0.03 to $3.683 per gallon on average.
Distillates supplies, which include diesel and heating oil, edged up 0.6 million barrels (0.5%) for the fourth increase in five weeks. Distillates demand for the last four weeks is up a seasonally adjusted 5.2%. In the past year, distillates inventories have declined 2.6%.
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