U.S. crude oil inventories rose 0.9 million barrels for the week ending April 19, according to an Energy Information Administration report (link opens a PDF) released today. After falling 1.2 million barrels the previous week, these newest numbers once again put oil inventories on a trajectory to remain "well above the upper limit of the average range for this time of year." The inventory increase came from both a 133,000 barrel per day (bpd) imports increase and a 586,000 bpd decrease in refinery inputs.
Total motor gasoline inventories fell a whopping 3.9 million barrels on increased demand. Despite the uptick in demand, prices at the pump managed their eighth consecutive weekly decrease, dropping six tenths of one cent to $3.536 per gallon. Compared with the same week last year, gasoline is $0.334 cheaper.
After rising 2.4 million barrels the previous week, distillates inventories squeaked up 100,000 barrels. Demand is down 2.6% year over year, and, according to the EIA, supplies remain "in the lower half of the average range for this time of year."