Imports Boost Crude Oil Supplies 0.8%; Gasoline Down 0.3%
U.S. crude oil supplies expanded 3.0 million barrels (0.8%) for the week ending Aug. 23, according to an Energy Information Administration report (link opens a PDF) released today.
After dropping 0.4% the previous week, this latest report marks the first increase in three weeks, pushed ahead by both a 71,000-barrels-per-day (bbpd) drop in refinery inputs, as well as a significant 423,000 bbpd jump in imports.
Gasoline inventories also fell, down 0.6 million barrels (0.3%) after knocking off 4.0 million barrels the week before. Demand for motor gasoline is up a seasonally adjusted 1% over the past four weeks, and supplies "remain in the upper limit of the average range for this time of year." Over the past week, retail gasoline pump prices stayed relatively steady.
Distillates supplies, which include diesel and heating oil, decreased 0.3 million barrels (0.3%) for the first drop in two weeks. Distillates demand is up a seasonally adjusted 3.1% over the past four weeks, and supplies are "near the lower limit of the average range for this time of year," according to the EIA.
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