U.S. crude oil supplies fell 2.4 million barrels (0.6%) for the week ending July 4, according to an Energy Information Administration report (link opens a PDF) released Wednesday.
After declining 3.2 million barrels the week before, inventories are now at levels not seen since late March. This latest contraction comes primarily from an increase in refinery inputs, up 34,000 barrels per day from the previous week's average. Overall inventories have grown 2.3% in the past 12 months.
Gasoline inventories increased 0.6 million barrels (0.3%) after shrinking 1.2 million barrels the week before. Demand for motor gasoline during the last four-week period is down a seasonally adjusted 0.4%. In the last year, supplies have expanded a slight 0.3%.
During the past week, retail gasoline pump prices fell to $0.026 to $3.68 per gallon.
Distillates supplies, which include diesel and heating oil, edged up 0.2 million barrels (0.2%) for the sixth-straight week of expansions. Distillates demand for the last four weeks is down a seasonally adjusted 6.2%. In the past year, distillates inventories have inched up 0.2%.
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