U.S. crude oil supplies fell 2.6 million barrels (0.7%) for the week ending June 6, according to an Energy Information Administration report (link opens a PDF) released this week.
After dropping 3.4 million barrels the previous week, this is the third time in four weeks that crude oil supplies have taken a dip. Although imports rose slightly from the previous week, refinery inputs remained strong enough to keep supplies declining. Overall inventories have declined 1.8% in the past 12 months.
While oil inventories declined, gasoline inventories expanded 1.7 million barrels (0.8%) after edging up 0.2 million barrels the week before. Demand for motor gasoline over the last four-week period is up a seasonally adjusted 2.8%. In the last year, supplies have fallen 3.6%.
Over the past week, retail gasoline pump prices fell $0.016 to $3.674 per gallon on average.
Distillates supplies, which include diesel and heating oil, inched up 0.9 million barrels (0.8%) for the second week of inventories increases. Distillates demand for the last four weeks is up a seasonally adjusted 1.1%. In the past year, distillates inventories have shrunk 2.5%.