Imports Drive Increase in Crude Oil Inventories

U.S. crude oil inventories jumped 3.3 million barrels to 385.9 million barrels for the week ending March 22, according to an Energy Information Administration (EIA) report (link opens a PDF) released today. That's a 0.9% increase.

While refinery inputs increased by 364,000 barrels per day (bpd), the main addition came from a 841,000-bpd spike in crude oil imports.

Although inventories had dropped 1.3 million barrels the previous week, this newest report keeps inventories "well above the upper limit of the average range for this time of year," according to the EIA.

Source: EIA.gov. 

Gasoline inventories fell 1.6 million barrels, just more than the previous week's 1.5 million-barrel decrease. Unlike crude oil's oversized inventory, gasoline's supply remains within its average range. Prices at the pump continued their month-long decline, dropping another $0.016 for a national average of $3.68 per gallon.

Source: EIA.gov. 

Leading the supply shrink, distillates fell a whopping 4.5 million barrels due primarily to a 5.8% year-over-year increase in wholesale demand.

Source: EIA.gov. 

link


Read/Post Comments (0) | Recommend This Article (1)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

DocumentId: 2334977, ~/Articles/ArticleHandler.aspx, 4/20/2014 10:39:41 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement