U.S. crude oil supplies dropped by 3.4 million barrels (0.9%) for the week ending May 30, according to an Energy Information Administration report (link opens a PDF) released today.
After the supply increased by 1.7 million barrels the previous week, this latest report puts supplies back on a downward trajectory that included a 7.2-million-barrel drop in the week before that. There are two reasons for this report's decline: a 206,000-barrel- per-day increase in refinery input, as well as a 686,000-barrel-per-day decline in imports. Overall inventories have fallen 0.5% in the past 12 months.
Gasoline inventories edged up 0.2 million barrels (0.1%) in the most recent week after dropping by 1.8 million barrels in the previous week. Demand for motor gasoline over the last four-week period was up a seasonally adjusted 5.4%. In the last year, supplies have dipped 3.2%.
Over the past week, average retail gasoline pump prices increased $0.016 to $3.690 per gallon.
Distillates supplies, which include diesel and heating oil, expanded by 2 million barrels (1.7%). Distillates demand for the last four weeks was up a seasonally adjusted 6.9%. Despite this latest report's distillates increase, inventories have still shrunk 4.2% over the past 12 months.