U.S. crude oil supplies expanded 0.9 million barrels (0.2%) for the week ending May 9, according to an Energy Information Administration report (link opens a PDF) released today.
After falling 1.8 million barrels the previous week, this latest report puts oil back on the expansion streak it had been following since early April. This most recent increase comes from both a decrease in refinery inputs (down 237,000 barrels per day) and an increase in imports (up 242,000 barrels per day). Overall inventories have expanded 0.9% in the past 12 months.
Gasoline inventories declined 0.8 million barrels (0.4%) after expanding 1.6 million barrels the week before. Demand for motor gasoline over the last four-week period is up a seasonally adjusted 3.2%. In the last year, supplies have contracted 2.4%.
Over the past week, average retail gasoline pump prices fell $0.016 to $3.668 per gallon.
Distillates supplies, which include diesel and heating oil, fell 1.1 million barrels (1%) for the second week of declines. Distillates demand for the last four weeks is up a seasonally adjusted 12.7%. In the past year, distillates inventories have fallen 5.8%.
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