Crude Oil Supplies up 1.1%
U.S. crude oil supplies expanded 4.0 million barrels (1.1%) for the week ending April 4, according to an Energy Information Administration report (link opens a PDF) released today.
After falling 2.4 million barrels the previous week, oil inventories are back on their nearly three-month long increase. This latest boost came primarily from an increase in imports, up by 481,000 barrels per day (bbpd) over the previous week. Overall inventories have declined 1.2% over the past 12 months.
Gasoline inventories shrank 5.2 million barrels (2.4%) for the seventh straight draw. Demand for motor gasoline over the last four-week period is up a seasonally adjusted 4.4%. In the last year, supplies have fallen 5.3%.
Over the past week, retail gasoline pump prices increased slightly to hit $3.60 per gallon.
Distillates supplies, which include diesel and heating oil, inched up 0.2 million barrels (0.2%) for the third week of increases. Distillates demand for the last four weeks is down a seasonally adjusted 1.1%. Unlike oil and gasoline, distillates inventories have edged up 0.4% over the past year.
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