Crude Oil Supplies Expand 0.8%
U.S. crude oil supplies increased 2.6 million barrels (0.8%) for the week ending Sept. 20, according to an Energy Information Administration report (link opens a PDF) released today.
After dropping off 1.2% the previous week, this report marks the first inventories expansion since the week ending Aug. 23. This latest increase stems from both a 500,000-barrel- per-day (bbpd) decrease in refinery inputs, as well as a 346,000 bbpd increase in imports. Overall inventories have fallen 1.9% in the past 12 months.
Gasoline inventories also expanded, adding on 0.2 million barrels (0.1%) after dropping off 0.7 million barrels the week before. Compared with a year ago, supplies are up 10.4%.
Over the past week, average retail gasoline pump prices fell $0.052.
Distillates supplies, which include diesel and heating oil, fell 0.2 million barrels (0.2%) for the second straight week of supply draws. Distillates demand for the last four weeks is up a seasonally adjusted 7.8% over the same period last year, and supplies remain "near the lower limit of the average range," according to the EIA. In the past year, distillates inventories have increased 2.5%.
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