U.S. crude oil supplies increased by 1.4 million barrels, or 0.4%, for the week ending Feb. 28, according to an Energy Information Administration report (link opens a PDF) released today.
After oozing up 0.1 million barrels the previous week, this latest report marks the seventh straight week of inventory expansions. Overall inventories have shrunk 4.6% in the past 12 months.
Meanwhile, gasoline inventories dropped 1.6 million barrels (0.7%) for the week after falling 1.2% the week before. Demand for motor gasoline over the last four-week period is down a seasonally adjusted 1.5% from the year-ago period. In the last year, supplies have expanded a slight 0.5%.
Over the past week, retail gasoline pump prices increased $0.035 per gallon to $3.479 per gallon.
Distillates supplies, which include diesel and heating oil, increased 1.4 million barrels (1.2%) for the second week of expansions. Distillates demand for the last four weeks is down a seasonally adjusted 4.3% compared to the same period last year. In the past year, distillates inventories have fallen 4.9%.
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