U.S. crude oil supplies increased 6.8 million barrels (1.9%) for the week ending Oct. 4, according to an Energy Information Administration report (link opens a PDF) released today.
After expanding 5.5 million barrels the previous week, this report marks the third straight week of inventories increases. Although imports fell by 320,000 barrels per day (bbpd), inventories continued to rise due to a 555,000-bbpd decrease in refinery inputs. Overall, inventories have expanded 1.1% in the past 12 months.
Gasoline inventories edged up 0.1 million barrels in the most recently reported week (0.1%) after gaining 3.5 million barrels (1.6%) the week before. Demand for motor gasoline over the last four-week period is up a seasonally adjusted 1.8% from the same period last year. In the last year, supplies have increased 12.5%.
The national average retail price for regular gasoline decreased for the fifth week in a row to $3.367 per gallon on Oct. 7, $0.058 per gallon under the previous week and $0.483 below a year ago. The national average retail price for diesel fuel decreased for the fourth consecutive week to $3.897 per gallon, $0.022 per gallon less than the previous week and $0.197 below a year ago.
Distillates supplies, which include diesel and heating oil, fell 3.1 million barrels (2.5%) for the fourth straight week of inventory draws. Distillates demand for the last four weeks is down a slight seasonally adjusted 0.1% from the same period last year, and in the past year inventories have expanded 4.2%.