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Crude Oil Supplies Jump 1.7%

By Justin Loiseau – Mar 13, 2014 at 2:08PM

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A double whammy of more imports and less refinery inputs.

U.S. crude oil supplies jumped 6.2 million barrels (1.7%) for the week ending March 7, according to an Energy Information Administration report (link opens a PDF) released today.

After supplies expanded 1.4 million barrels the previous week, this latest report marks the eighth straight week of inventory increases, and the largest week-over-week boost since late January. A combination of fewer refinery inputs and more imports were the main drivers for this most recent rise. But despite the hike, overall inventories are still down 3.6% in the past 12 months. 

Source: eia.gov. 

While oil supplies soared, gasoline inventories shrank 5.2 million barrels (2.3%) after falling 1.6 million barrels the week before. Demand for motor gasoline during the last four-week period is down a seasonally adjusted 0.3%. In the last year, supplies have fallen a slight 0.2%. 

During the past week, average retail gasoline pump prices increased $0.03 to $3.51 per gallon. 

Source: eia.gov 

Distillates supplies, which include diesel and heating oil, fell by 0.5 million barrels (0.5%) for the first dip since Valentine's Day. Distillates demand for the last four weeks is down a seasonally adjusted 0.2%. In the past year, distillates inventories have dropped 5.4%. 

Source: eia.gov 

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