The Energy Information Administration released its weekly report today on the status of petroleum inventories in the United States.
Here are some highlights:
Crude oil inventories increased by 1.0 million barrels (mb) to a total of 488.2 million barrels. At 488.2 million barrels, inventories are 105.2 million barrels above last year (27.5%) and are well above the upper limit of the average range for this time of year.
Gasoline inventories increased by 2.5 million barrels to 216.7 million barrels. At 216.7 million barrels, inventories are up 10.3 million barrels, 5.0% higher than one year ago. Here's how individual regions and their gasoline inventory fared last week: East Coast (+0.7mb); Midwest (+0.3mb); Gulf Coast (+0.8mb); Rockies (-0.1mb); and West Coast (+0.7mb). 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 1.0 million barrels to a total of 141.4 million barrels. At 141.4 million barrels, inventories are up 28.2 million barrels, or 24.9% vs. a year ago.