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.
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.
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%.
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