U.S. crude oil supplies dropped 2.7 million barrels (0.7%) for the week ending January 3, according to an Energy Information Administration report (link opens a PDF) released today.
After falling 7 million barrels the previous week, this latest report marks the sixth-straight week that supplies have shrunk. Continued demand from refineries has kept inventories pushing down in the past month. Overall inventories have dropped 1% in the past 12 months.
Gasoline inventories expanded 6.2 million barrels (2.9%) after increasing 0.8 million barrels the week before. Demand for motor gasoline during the last four-week period is up a seasonally adjusted 4.8%. In the last year, supplies have fallen 2.6%.
Over the past week, retail gasoline pump prices inched up $0.001 per gallon to $3.332 per gallon.
Distillates supplies, which include diesel and heating oil, increased 5.8 million barrels (5%), adding on to the previous week's 5 million barrel addition. Distillates demand for the last four weeks is up a seasonally adjusted 2.3%. In the past year, distillates inventories have decreased 4.4%.