Crude Oil Supplies Jump 1.7%

U.S. crude oil supplies jumped 6.2 million barrels (1.7%) for the week ending March 7, according to an Energy Information Administration report (link opens a PDF) released today.

After supplies expanded 1.4 million barrels the previous week, this latest report marks the eighth straight week of inventory increases, and the largest week-over-week boost since late January. A combination of fewer refinery inputs and more imports were the main drivers for this most recent rise. But despite the hike, overall inventories are still down 3.6% in the past 12 months. 

Source: eia.gov. 

While oil supplies soared, gasoline inventories shrank 5.2 million barrels (2.3%) after falling 1.6 million barrels the week before. Demand for motor gasoline during the last four-week period is down a seasonally adjusted 0.3%. In the last year, supplies have fallen a slight 0.2%. 

During the past week, average retail gasoline pump prices increased $0.03 to $3.51 per gallon. 

Source: eia.gov 

Distillates supplies, which include diesel and heating oil, fell by 0.5 million barrels (0.5%) for the first dip since Valentine's Day. Distillates demand for the last four weeks is down a seasonally adjusted 0.2%. In the past year, distillates inventories have dropped 5.4%. 

Source: eia.gov 


Read/Post Comments (0) | Recommend This Article (1)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2873768, ~/Articles/ArticleHandler.aspx, 8/29/2014 2:16:36 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Today's Market

updated Moments ago Sponsored by:
DOW 17,070.44 -9.13 -0.05%
S&P 500 2,000.41 3.67 0.18%
NASD 4,572.08 14.39 0.32%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes


Advertisement