Crude Oil Supplies Steady, Gasoline Demand Down
U.S. crude oil supplies remained unchanged for the week ending June 21, according to an Energy Information Administration report (link opens a PDF) released today.
While oil remained unmoved, gasoline inventories jumped 3.7 million barrels after easing up 200,000 barrels the week before. Demand for motor gasoline is down a seasonally adjusted 0.3% over the last four weeks, and supplies are "well above the upper limit of the average range."
After dropping $0.029 the previous week, pump prices fell $0.049 to a national average of $3.577 per gallon. Compared to the same time last year, consumers are paying an average $0.140 more per gallon.
Distillates supplies increased 1.6 million barrels after falling 300,000 barrels the previous week. Distillates demand is up a seasonally adjusted 9.3% over the last four weeks, and supplies remain "in the lower half of the average range for this time of year," according to the EIA.
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