Oil Supplies Expand for First Time in 2 Months

U.S. crude oil supplies increased 1.0 million barrels (0.3%) for the week ending Jan. 17, according to an Energy Information Administration report (link opens a PDF) released today.

After dropping 7.7 million barrels the previous week, crude oil supplies reversed a seven-week streak of inventory draws. This turnaround stems from another decline in refinery inputs (capacity now stands at 86.5%) as well as an uptick in crude oil imports. Overall inventories have dropped 3.3% in the past 12 months. 

Source: eia.gov. 

Gasoline inventories added on 2.1 million barrels (0.9%) for the fourth straight week of expansions. Demand for motor gasoline over the last four-week period is down a seasonally adjusted 0.1% from the same period last year. In the last year, supplies have expanded a slight 0.9%. 

Over the past week, retail gasoline pump prices fell $0.03 to a national average of $3.30 per gallon.

Source: eia.gov. 

Distillates supplies, which include diesel and heating oil, dropped 3.2 million barrels (2.7%) for a second week of declines. Distillates demand for the last four weeks is up a seasonally adjusted 5.2% from the same period last year. In the past year, distillates inventories have dropped 9.2%. 

Source: eia.gov. 


The article Oil Supplies Expand for First Time in 2 Months originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2014 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

Read Full Story

Can't get enough business news?

Sign up for Finance Report by AOL and get everything from retailer news to the latest IPOs delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.