Pump Prices Drop for 4th Straight Week; Crude Supplies Fall

U.S. crude oil supplies fell 9.9 million barrels (2.6%) for the week ending July 5, according to an Energy Information Administration (EIA) report (link opens a PDF) released today.

The report also shows that gasoline prices at the pump fell for the fourth week in a row, down $0.004 to a national average of $3.492 per gallon.

After falling 2.6% the previous week as well, oil inventories seem to be locking in to a downward dip. While imports increased by a slight 118,000 barrels per day (bbpd), an additional 28,000 bbpd increase in refinery inputs after the previous week's 386,000 jump kept supplies shrinking.

Source: eia.gov. 

Gasoline inventories also dropped significantly, down 2.6 million barrels (1.2%) after a 1.7-million-barrel decrease the week before. Demand for motor gasoline is up a seasonally adjusted 2.5% over the last four weeks, and supplies remain "well above the upper limit of the average range," according to the EIA.

Pump prices fell for the fourth week in a row, down $0.004 to a national average of $3.492 per gallon. Compared to the same time last year, consumers are paying an average $0.081 more per gallon.

Source: eia.gov. 

Unlike oil and gas, distillates supplies increased 3.0 million barrels in the most recently reported week. Distillates demand is up a seasonally adjusted 12.3% over the last four weeks, and supplies "are near the lower limit of the average range for this time of year," according to the EIA.

Source: eia.gov. 

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