U.S. crude oil supplies shrank 1.8 million barrels (0.5%) for the week ending May 2, according to an Energy Information Administration report (link opens a PDF) released today.
After increasing 1.7 million barrels the previous week, this latest report marks the first crude oil contraction since late March. A sizable 598,000-barrel-per-day decrease in imports was the main reason behind this report's draw. Despite the decrease, overall inventories have still managed to edge up 0.5% in the past 12 months.
Source: eia.gov.
While oil supplies shrank, gasoline inventories expanded 1.6 million barrels (0.8%), the same amount as the week before. Demand for motor gasoline over the last four-week period is up a seasonally adjusted 1.4%. In the last year, supplies have shrunk 0.9%.
Over the past week, the average retail price for gasoline at the pump dropped $0.029 to $3.684 per gallon.
Source: eia.gov.
Distillates supplies, which include diesel and heating oil, dipped 0.4 million barrels (0.3%) after expanding for the previous two weeks. Distillates demand for the last four weeks is up a seasonally adjusted 11.6%. In the past year, distillates inventories have decreased 3.1%.
Source: eia.gov.
