Crude Oil Inventories up 1.4%, Gasoline Supplies Down 0.8%

U.S. crude oil supplies increased 5.2 million barrels (1.4%) for the week ending Oct. 18, according to an Energy Information Administration report (link opens a pdf) released today.

After increasing 4 million barrels the previous week, oil inventories have now been on the rise for five straight weeks. Although imports dropped off 348,000 barrels per day, refinery inputs continue to show similarly low demand to the previous week. Overall inventories have expanded 1.3% in the past 12 months. 

Source: eia.gov 

Gasoline inventories tapered off 1.8 million barrels (0.8%) after dropping 2.6 million barrels the week before. Demand for motor gasoline over the last four-week period is up a seasonally adjusted 2.3%. In the last year, supplies have expanded 8.5%. 

In the past year, retail gasoline pump prices have dropped $0.33 per gallon.

Source: eia.gov 

Distillates supplies, which include diesel and heating oil, expanded 1.5 million barrels (1.3%) following five weeks of declines. Distillates demand for the last four weeks is down a seasonally adjusted 3.9%. In the past year, distillates inventories have increased 6.6%. 

Source: eia.gov 

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  • Report this Comment On October 23, 2013, at 3:22 PM, jeyebolt wrote:

    Justin, how do we refine more that we are using b

    but somehow get a Draw? Gasoline production fell from the previous week, averaging 9.1 million barrels per day. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 438 thousand barrels per day. Over the last four weeks, motor gasoline product supplied averaged about 8.8 million barrels per day, up by 2.3 percent from the same period last year.

    http://ir.eia.gov/wpsr/wpsrsummary.pdf

  • Report this Comment On October 24, 2013, at 2:23 PM, TMFJLo wrote:

    @Jeyebolt,

    Thanks for the comment. In this case, while production and imports both fell from seasonally adjusted four-week averages, they still remained positive numbers in the absolute sense that contributed to expansion. However, products supplied (the inventory draw) pushed up enough to outweigh those additions.

    Thanks for the read!

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