The Department of Energy released its weekly report on the condition of petroleum inventories in the United States today.

Here are some highlights:

Crude oil inventories increased by 1.9 million barrels to a total of 356.2 million barrels. At 355.9 million barrels, inventories are 3.3% lower than last year, but remain above average.

Gasoline inventories increased by 3.6 million barrels to a total of 222.4 million barrels. At 224.9 million barrels, inventories are 4.8% higher than last year. This is a good sign, showing refiners are beginning to boost output ahead of the summer driving season.

Distillate inventories increased by 2.1 million barrels to a total of 148.9 million barrels. At 148.9 million barrels, inventories are 2.1% higher than a year ago.

Refinery utilization jumped slightly to 85.9%, a gain of 0.3% over last week's numbers. Gasoline production increased last week to nearly 9.4 million barrels per day. Demand for gasoline over the last four weeks is now above 9.2 million barrels per day, nearly 3% higher than a year ago.

Overall, an excellent report as total commercial inventories increased by 10.7 million barrels. Interesting tidbits:
Domestic production of oil is up nearly 5% so far this year vs. last year.
Net imports of oil are down 7% so far this year vs. last year.
Overall gasoline demand is up just 0.4% so far this year vs. last year.