Crude Oil Supplies Drop for Third Straight Week

U.S. crude oil supplies dropped 6.9 million barrels (1.8%) for the week ending July 12, according to an Energy Information Administration report (link opens a PDF) released today.

After falling 2.6% the previous two weeks  this latest report puts inventories another step closer to receding from above average levels. While imports managed a 180,000 barrel-per-day increase, relatively larger refinery inputs dropped off 119,000 bbpd.


Gasoline inventories headed 1.4% higher after a 1.2% decrease the week before. Demand for motor gasoline is up a seasonally adjusted 2.3% over the past four weeks, and supplies remain "well above the upper limit of the average range."

Pump prices rose for the first time in a month, increasing a substantial $0.147 to a national average of $3.639 per gallon. Compared with the same time last year, consumers are paying an average $0.212 more per gallon.


Distillates supplies increased 3.2% after rising 2.5% the week before. Distillates demand is up a seasonally adjusted 12% over the past four weeks, with supplies pushed into "the lower half of the average range for this time of year," according to the EIA.


The article Crude Oil Supplies Drop for Third Straight Week originally appeared on

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