Crude Oil Inventories Expand 0.7% on Record Production and More Imports
U.S. crude oil supplies increased 2.6 million barrels (0.7%) in the week ending November 8, according to an Energy Information Administration report (link opens a PDF) released today.
After increasing 0.4% the previous week, this week's numbers mark the eighth straight week of inventory expansion. In this latest report, imports increased 620,000 barrels per day (bbpd) over the previous week as domestic production continued to reach record heights. Overall inventories have increased 3.2% in the past 12 months.
While oil expanded, gasoline inventories fell 0.8 million barrels (0.4%) after dropping 3.8 million barrels the week before. Demand for motor gasoline over the last four-week period is up a seasonally adjusted 4.7%. Over the last year, supplies expanded 3.6%.
Over the past week, retail gasoline pump prices fell $0.07 per gallon.
Distillates supplies, which include diesel and heating oil, decreased 0.5 million barrels (0.4%) for the third consecutive week of declines. Distillates demand for the last four weeks was up a seasonally adjusted 6.9%. Over the past year, distillates inventories increased 1.6%.
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