The Energy Information Administration released its weekly report on the status of petroleum inventories in the United States today.
Here are some highlights:
Crude oil inventories increased by 1.4 million barrels to a total of 363.8 million barrels. At 363.8 million barrels, inventories are 17.5 million barrels below last year (-4.6%) and in the upper half of the average range for this time of year.
Gasoline inventories decreased by 1.6 million barrels to 229 million barrels. At 229 million barrels, inventories are up 1.1 million barrels, or 0.5% higher than one year ago. Here's how individual regions and their gasoline inventory fared last week: East Coast (-1.7mb); Midwest (+0.4mb); Gulf Coast (+0.3mb); Rockies (-0.6mb); and West Coast (-0.6mb). It is important to note which regions saw increases/decreases as this information likely drives prices up (in the case of falling inventories), or down (in the case of rising inventories).
DISTILLATE (diesel, heating oil) INVENTORIES:
Distillate inventories increased by 1.4 million barrels to a total of 114.5 million barrels. At 114.5 million barrels, inventories are now 5.9 million barrels, or 4.9% lower vs. a year ago.