Heavy Demand Keeps Crude Oil Inventories Dropping
U.S. crude oil supplies fell 2.9 million barrels (0.8%) for the week ending Dec. 13, according to an Energy Information Administration report (link opens a PDF) released today.
After dropping off 10.6 million barrels the previous week, recent heavy demand from refineries has continued to drop inventories. With this latest draw, overall inventories have increased just 0.2% in the past 12 months.
Gasoline inventories increased 1.3 million barrels (0.6%) after increasing 6.7 million barrels the week before. Demand for motor gasoline over the last four-week period is up a seasonally adjusted 3.7% over the same period a year ago. In the last year, supplies have expanded 0.6%.
Distillates supplies, which include diesel and heating oil, fell 2.1 million barrels (1.8%) after increasing 4.5 million barrels the week before. Distillates demand for the last four weeks is down a seasonally adjusted 0.8% over the same period a year ago. In the past year, distillates inventories have decreased 0.9%.
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