Crude Oil Inventories Up 0.7% on Increased Production

U.S. crude oil inventories bumped up 0.7% (2.7 million barrels) to 388.6 million barrels total for the week ending March 29, according to an Energy Information Administration (EIA) report (link opens a PDF) released today.

In a reversal from last week's report, imports dropped 227,000 to 7.9 million barrels per day while refinery inputs added on 130,000 to reach 15 million barrels per day.

In what has been a common theme for crude oil inventories in 2013, the latest week's rise keeps levels "well above the upper limit of the average range," according to the EIA. The nation's supply of oil is now 7.2% above year-ago levels and the highest since July 27, 1990, when it was at 391.9 million barrels.

Source: eia.gov. 

Gasoline inventories dropped 0.6 million barrels after falling 1.6 million barrels the previous week. In contrast to crude oil, gasoline's supply remains within its average range as it tapers off for the summer months. Prices at the pump fell for the fifth consecutive week, down $0.035 to a national average of $3.645 per gallon. That's down $0.11 from a month ago and $0.29 lower than at this time last year.

Source: eia.gov. 

Distillate inventories also fell, down 2.3 million barrels after a 4.5-million-barrel drop the previous week. While crude oil inventories remain well above their upper limit, increasing demand (+5.5%) for distillates may push inventories below their lower limit average in the coming weeks.

Source: eia.gov. 

link


Read/Post Comments (0) | Recommend This Article (3)

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.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2344779, ~/Articles/ArticleHandler.aspx, 11/27/2014 2:13:16 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