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 5.5 million barrels (mb) to a total of 450.8 million barrels. At 450.8 million barrels, inventories are 90.3 million barrels above last year (25.0%) and are well above the upper limit of the average range for this time of year.
Gasoline inventories increased by 1.7 million barrels to 214.4 million barrels. At 214.4 million barrels, inventories are up 2.1 million barrels, 1.0% higher than one year ago. Here's how individual regions and their gasoline inventory fared last week: East Coast (+0.9mb); Midwest (+0.5mb); Gulf Coast (+1.1mb); Rockies (+0.1mb); and West Coast (-1.0mb). 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 149.8 million barrels. At 149.8 million barrels, inventories are up 27.0 million barrels, or 22.0% vs. a year ago.