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.
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.
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%.