Imports Push Crude Oil Supplies Up 1.8%
U.S. crude-oil supplies increased 6.4 million barrels (1.8%) for the week ending Jan. 24, according to an Energy Information Administration report (link opens a PDF) released today.
After increasing 1 million barrels the previous week, this seven-day period marks the second expansion after two months of supply squeezes. This latest increase was pushed ahead primarily by imports, up 504,000 barrels per day from the previous week to average more than 8.0 million barrels per day. Overall inventories have dropped 3.1% in the past 12 months.
While oil is up, gasoline inventories dipped 0.8 million barrels (0.4%) for the first decline in just over a month. Demand for motor gasoline over the last four-week period is down a seasonally adjusted 1.0%. In the last year, supplies have increased a slight 0.9%.
Over the past week, retail gasoline-pump prices stayed steady as diesel added on $0.03 per gallon.
Distillates supplies, which include diesel and heating oil, fell 4.6 million barrels (3.7%) for the third straight week of draws. Distillates demand for the last four weeks is up a seasonally adjusted 10.5%. In the past year, distillates inventories have dropped 11%.
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