Crude Oil Inventories Rise 0.1%, Pump Price Drops
U.S. crude oil supplies increased 0.4 million barrels (0.1%) for the week ending July 26, according to an Energy Information Administration report (link opens a PDF) released today. The latest level of 364.6 million barrels is 2.4% below the year-ago level.
After falling 0.8% the previous week, today's announcement reverses a four-week declining trend in oil inventories. This latest reversal originates from a tapering in refinery inputs (down 66,000 barrels per day from last week), as well as a 136,000-barrel-per-day increase in imports.
Gasoline inventories rose 0.8 million barrels (0.4%) after dropping off 0.6% the week before. Demand for motor gasoline is up a seasonally adjusted 3.2% over the last four weeks, and supplies remain "above the upper limit of the average range."
After increasing $0.043 the previous week, pump prices fell $0.036 to a national average of $3.646 per gallon. Compared to the same time last year, consumers are paying an average $0.138 more per gallon.
Distillates supplies, which include diesel and heating oil, fell 0.5 million barrels (-0.4%) for the only inventory draw this week. Distillates demand is up a seasonally adjusted 15.2% over the last four weeks, and supplies "are near the lower limit of the average range for this time of year," according to the EIA.
-- Material from The Associated Press was used in this report.
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