U.S. crude oil supplies fell 2.4 million barrels (0.6%) for the week ending March 28, according to an Energy Information Administration report (link opens a PDF) released today.
After increasing 6.6 million barrels the previous week to their highest level since November, this report marks the first inventories draw since the week ending Jan. 10. This latest decrease originated from both a 223,000-barrel-per-day (bbpd) increase in refinery inputs, as well as a sharp 786,000 drop in oil imports. Overall inventories have declined 2.2% in the past 12 months.
Gasoline inventories fell 1.6 million barrels (0.7%) after dropping 5.1 million barrels the week before. Demand for motor gasoline over the last four-week period is up a seasonally adjusted 3.8%. In the last year, supplies have dropped 2.3%.
Over the past week, retail gasoline pump prices increased $0.03 to $3.58 per gallon.
Distillates supplies, which include diesel and heating oil, added on 0.6 million barrels (0.5%) for the second week of expansion. Distillates demand for the last four weeks is up a seasonally adjusted 0.6%. At their current levels, distillates supplies are the exact same as last year.