Please ensure Javascript is enabled for purposes of website accessibility

Crude Oil Supplies Drop 0.8%

By Justin Loiseau - Jul 2, 2014 at 2:25PM

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

A strong boost in refinery inputs keeps oil supplies slimmer.

U.S. crude oil supplies fell 3.2 million barrels (0.8%) for the week ending July 27, according to an Energy Information Administration report (link opens a PDF) released today.

After increasing 1.7 million barrels the previous week, this latest supply squeeze puts oil inventories back on the downward trajectory they had been following since the beginning of May. While imports fell slightly from the previous week, a 546,000 barrel-per-day boost in refinery inputs was the main reason behind this latest draw. Overall inventories have expanded a slight 0.2% in the past 12 months. 

Source: eia.gov. 

Gasoline inventories dropped 1.2 million barrels (0.6%) after expanding for the previous month. Demand for motor gasoline during the last four-week period is up a seasonally adjusted 0.5%. In the last year, supplies have contracted 4.5%. 

During the past week, retail gasoline pump prices stayed steady at $3.704 per gallon.

Source: eia.gov. 

Distillates supplies, which include diesel and heating oil, increased 1.0 million barrels (0.7%) for the fifth-straight week of expansions. Distillates demand for the last four weeks is down a seasonally adjusted 8.0%. In the past year, distillates inventories have edged up 0.6%. 

Source: eia.gov. 

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Invest Smarter with The Motley Fool

Join Over 1 Million Premium Members Receiving…

  • New Stock Picks Each Month
  • Detailed Analysis of Companies
  • Model Portfolios
  • Live Streaming During Market Hours
  • And Much More
Get Started Now

Related Articles

Motley Fool Returns

Motley Fool Stock Advisor

Market-beating stocks from our award-winning analyst team.

Stock Advisor Returns
377%
 
S&P 500 Returns
123%

Calculated by average return of all stock recommendations since inception of the Stock Advisor service in February of 2002. Returns as of 08/07/2022.

Discounted offers are only available to new members. Stock Advisor list price is $199 per year.

Premium Investing Services

Invest better with The Motley Fool. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services.