U.S. crude oil supplies increased 2.5 million barrels (0.64%) for the week ending June 7, according to an Energy Information Administration (EIA) report (link opens a PDF) released today.
After falling 6.3 million barrels the previous week from record highs, this newest report puts inventories on the rise once again. Imports managed a 582,000 barrel-per-day (bpd) increase, while crude oil refinery inputs fell a slight 225,000 bpd.
Motor gasoline inventories expanded, up 2.7 million barrels after a 400,000-barrel dip the week before. While gasoline production has remained stable over the last four weeks, demand is down a seasonally adjusted 0.4%.
Despite the decrease in demand, pump prices squeaked out a slight $0.009 increase to a national average of $3.655 per gallon. Compared to the same day last year, pump prices are up $0.083.
Distillates were the only fuel to take a dip this past week, down 1.2 million barrels after a 2.6 million-barrel rise the previous week. Distillate fuel product demand is up a respectable 9.2% compared to last year, and its inventories remain "in the lower half of the average range for this time of year."
Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.