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 2.9 million barrels to a total of 373.8 million barrels. At 373.8 million barrels, inventories are 10.6 million barrels above last year (2.9%) and are above average. Supply at NYMEX delivery point, Cushing, Oklahoma fell 0.2 million barrels to 39.9 million barrels this week.

Gasoline inventories increased 2.6 million barrels to 212.3 million barrels. At 212.3 million barrels, inventories are now 6.7 million barrels, or 3.1% lower than last year (last week that number was 5.4% lower). Regions posting gains in inventories last week were the East Coast (+0.2mb), the Gulf Coast (+2.1mb), the Rockies (+0.3mb), and West Coast (+0.4mb). Decreases were only seen in the Midwest (-0.4mb)

Distillate inventories decreased by 1.0 million barrels to a total of 140.1 million barrels. At 140.1 million barrels, inventories are now 8.4% lower than a year ago. Supply of distillate fuel (diesel, industrial fuels) is down an average of 5.0% over the last four weeks (last week the number was 3.9% lower than last year). Distillate inventories are now 12.9 million barrels lower than their year ago level.

Refinery utilization fell to 86.0%, a drop of 0.3% vs. last week's numbers. Gasoline production increased last week to 9.4 million barrels per day while distillate fuel production averaged 4.3 million barrels per day, a slight decrease over the prior week.

Refineries in the Midwest PADD operated at the highest utilization- some 91.3% of capacity. Refiners in the Rockies PADD came in second at 89.4% while refiners in the Gulf Coast PADD came in third with 89.2%. East Coast refiners took the position of utilizing the lowest percentage of their plants last week, edging out the West Coast. West Coast plants ran at 76.3% of their capacity while East Coast plants ran 73.4% of their available capacity.

Production of fuel ethanol, a key ingredient in gasoline- increased 7,000bpd to 909,000 barrels per day.

Total oil stocks in the United States are down 29.4 million barrels (2.7%) over last year and stand at 1.0615 billion barrels (excluding the Strategic Petroleum Reserve).