U.S. crude oil supplies hit record highs last week, according to an Energy Information Administration (EIA) report (link opens in PDF) released today.
Crude oil inventories jumped 6.7 million barrels to 395.3 million barrels total for the week ending April 26. After rising 0.9 million barrels the previous week, this newest reading represents the highest crude oil inventory level ever, according to The Wall Street Journal. This most recent increase originated from a double-whammy 602,000-barrel-per-day (bpd) import increase, as well as continued weak refinery output.
Total motor gasoline inventories fell 1.8 million barrels after dropping 3.9 million barrels the previous week. Contrary to oil inventories, gasoline supplies remain "in the middle of the average range," according to the EIA. Prices at the pump dropped for the ninth consecutive week, down $0.016 to reach a national average of $3.52 per gallon. Compared to the same week last year, gas prices are $0.31 cheaper per gallon.
Distillates inventories increased by 500,000 barrels after a slight 100,000 bump the week before. With the lowest relative supplies of any petroleum product, distillates supplies have only recently turned upward to remain in the lower half of their average range.