Unusually Large Imports Boost Crude Oil Inventories
U.S. crude oil supplies increased 5.5 million barrels (1.5%) for the week ending September 27, according to an Energy Information Administration report (link opens a PDF) released today.
After increasing 2.6 million barrels the previous week, this week's jump is the largest crude oil inventories week-to-week movement since supplies dropped off 6.9 million barrels in early July. This latest rise comes mostly from an increase in imports, up 438,000 barrels per day (bbpd) over the last week. At a total 8.4 million bbpd, imports are at their highest level since June. A 146,000 bbpd decline in refinery inputs also helped boost inventories numbers.
Overall inventories have expanded 7.4% in the past 12 months.
Gasoline inventories also increased, up 3.5 million barrels (1.6%) after adding 0.2 million barrels the week before. Demand for motor gasoline over the last four-week period is up a seasonally adjusted 0.8%. In the last year, supplies have grown 12.1%.
Over the past week, retail gasoline pump prices dropped $0.07.
Distillates supplies, which include diesel and heating oil, dropped 1.7 million barrels (1.3%) for the third straight week of declines. Distillates demand for the last four weeks is up a seasonally adjusted 1.6%, and supplies remain "near the lower limit of the average range," according to the EIA. In the past year, distillates inventories have increased 4.1%.
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