U.S. crude oil supplies expanded 1.6 million barrels (0.4%) for the week ending November 1, according to an Energy Information Administration report (link opens a PDF) released today.
After increasing 4.1 million barrels the previous week, this latest report marks the seventh straight week of oil inventories expansions. While imports fell by an average 235,000 barrels per day (bbpd) from the previous, domestic production continued to stay strong as refinery inputs remained relatively steady. Overall inventories have expanded 2.8% in the past 12 months.
Gasoline inventories dropped 3.8 million barrels (1.8%) after tapering off 1.7 million barrels the week before. Demand for motor gasoline over the last four-week period is up a seasonally adjusted 5.4%. In the last year, supplies have grown 3.8%.
Over the past week, retail gasoline pump prices dropped $0.03 per gallon .
Distillates supplies, which include diesel and heating oil, fell 4.9 million barrels (4%) for another large dip following the previous week's 3.1 million barrel draw. Distillates demand for the last four weeks is up a seasonally adjusted 8.2%. Unlike oil and gasoline, distillates inventories have actually shrunk 0.3% in the last 12 months.