Crude Oil Supplies Expand 0.5%
U.S. crude oil supplies increased 1.7 million barrels (0.5%) for the week ending June 20, according to an Energy Information Administration report (link opens a PDF).
After falling for the three previous weeks, this latest increase comes primarily from an increase in imports, up 107,000 barrels per day (bbpd) from the week ending June 13. Overall inventories have declined 1.5% in the past 12 months.
Gasoline inventories expanded 0.7 million barrels (0.3%) after growing 0.8 million barrels the week before. Demand for motor gasoline over the last four-week period is up a seasonally adjusted 1.7%. In the last year, supplies have fallen 4.6%.
Over the past week, retail gasoline pump prices advanced $0.018 per gallon to hit $3.704.
Distillates supplies, which include diesel and heating oil, grew 1.2 million barrels (1%) for the fourth straight week of expansions. Distillates demand for the last four weeks is down a seasonally adjusted 1.5%. In the past year, distillates inventories have shrunk 2.1%.
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