Strong Domestic Production Keeps Oil Inventories Expanding
U.S. crude oil supplies increased 4.1 million barrels (1.1%) for the week ending October 25, according to an Energy Information Administration report (link opens a PDF) released today.
After bumping up 5.2 million barrels the previous week, this latest report marks the sixth straight week of inventory expansions. While refinery inputs increased by 197,000 barrels per day (bbpd) over the previous week, and imports tapered off by the same amount, strong domestic production has kept oil supplies growing. In the past 12 months, overall inventories have expanded 2.9%.
Gasoline inventories fell 1.7 million barrels (0.8%) after dropping off 1.8 million barrels the week before. Demand for motor gasoline over the last four-week period is up a seasonally adjusted 3.2%. In the last year, supplies have increased 7.2%.
Over the past week, retail gasoline pump prices have dropped $0.07 per gallon.
Distillates supplies, which include diesel and heating oil, fell 3.1 million barrels (2.5%) after rising 1.5 million barrels the previous week. Distillates demand for the last four weeks is up a seasonally adjusted 1.8%. In the past year, distillates inventories have expanded 4.1%.
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