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 decreased by 0.8 million barrels (MMbbl) to a total of 502.0 MMbbl. At 502.0 MMbbl, inventories are 84.0 MMbbl above last year (20.1%) and are well above the upper limit of the average range for this time of year.
Gasoline inventories increased by 1.3 MMbbl to 255.7 MMbbl. At 255.7 MMbbl, inventories are up 13.0 MMbbl, 5.4% higher than a year ago. Here's how individual regions and their gasoline inventory fared last week: East Coast (+1.1 MMbbl); Midwest (+1.6 MMbbl); Gulf Coast (+0.1 MMbbl); Rockies (-0.9 MMbbl); and West Coast (-0.6 MMbbl). 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 1.3 MMbbl to a total of 161.0 MMbbl. At 161.0 MMbbl, inventories are up 29.8 MMbbl, or 22.7% vs. a year ago.