Crude Oil Supplies Drop 0.8%

U.S. crude oil supplies fell 3.2 million barrels (0.8%) for the week ending July 27, according to an Energy Information Administration report (link opens a PDF) released today.

After increasing 1.7 million barrels the previous week, this latest supply squeeze puts oil inventories back on the downward trajectory they had been following since the beginning of May. While imports fell slightly from the previous week, a 546,000 barrel-per-day boost in refinery inputs was the main reason behind this latest draw. Overall inventories have expanded a slight 0.2% in the past 12 months. 

Source: eia.gov. 

Gasoline inventories dropped 1.2 million barrels (0.6%) after expanding for the previous month. Demand for motor gasoline during the last four-week period is up a seasonally adjusted 0.5%. In the last year, supplies have contracted 4.5%. 

During the past week, retail gasoline pump prices stayed steady at $3.704 per gallon.

Source: eia.gov. 

Distillates supplies, which include diesel and heating oil, increased 1.0 million barrels (0.7%) for the fifth-straight week of expansions. Distillates demand for the last four weeks is down a seasonally adjusted 8.0%. In the past year, distillates inventories have edged up 0.6%. 

Source: eia.gov. 

Discover a top stock pick for 2014
Every year, The Motley Fool's chief investment officer handpicks one stock with outstanding potential. Just click here to download your free copy of "The Motley Fool's Top Stock for 2014" today.


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

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: 3016365, ~/Articles/ArticleHandler.aspx, 9/20/2014 10:15:49 AM

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...


Advertisement