U.S. crude oil supplies shrunk by 1.8 million barrels (0.5%) for the week ending August 30, according to an Energy Information Administration report (link opens a PDF) released today.
After expanding 0.8% the previous week, inventories have headed steadily lower over the last couple of months. This latest dip comes from a 119,000 barrels per day (bbpd) decrease in imports, as well as a 162,000 bbpd uptick in refinery inputs.
Gasoline inventories also dropped 1.8 million barrels (0.8%) for the fourth straight week of supply draws. Demand for motor gasoline is down a seasonally adjusted 0.3% for the last four weeks, and supplies are in the upper half of the average range. Despite weaker demand, retail gasoline pump prices increased by $0.06 per gallon over the last week.
Distillates supplies, which include diesel and heating oil, increased 0.5 million barrels (0.5%) after dipping 0.3% the week before. Distillates demand remains strong, up a seasonally adjusted 6.9% for the last four weeks, and supplies remain near the lower limit of the average range for this time of year, according to the EIA.