Imports Help Push U.S. Crude Oil Supplies Up 1.7 Million Barrels
U.S. crude oil supplies increased 1.7 million barrels (0.4%) for the week ending May 23, according to an Energy Information Administration report (link opens a PDF) released today.
After falling 1.8% the previous week, this latest report puts crude supplies back on a slow-but-steady upward trajectory. Both a 98,000 barrel per day (bbpd) decline in refinery inputs, as well as a sharp 1.3 million bbpd jump in imports, helped fuel this latest inventories increase. Overall inventories have declined 1.2% in the past 12 months.
While oil supplies increased, gasoline inventories fell 1.8 million barrels (0.8%) in the past week after expanding 1.0 million barrels the week before. Demand for motor gasoline over the last four-week period is up a seasonally adjusted 5.4%. In the last year, supplies have dropped 3.5%.
Over the past week, retail gasoline pump prices increased $0.009 to $3.674 per gallon.
Distillates supplies, which include diesel and heating oil, dipped 0.2 million barrels (0.2%) for the third decline in the past four weeks. Distillates demand for the last four weeks is up a seasonally adjusted 8.6%. In the past year, distillates inventories have contracted 3.8%.
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