The Energy Information Administration released its weekly report on the status of petroleum inventories in the United States today.

Here are some highlights:

Crude oil inventories increased by 1.4 million barrels to a total of 363.8 million barrels. At 363.8 million barrels, inventories are 17.5 million barrels below last year (-4.6%) and in the upper half of the average range for this time of year.

Gasoline inventories decreased by 1.6 million barrels to 229 million barrels. At 229 million barrels, inventories are up 1.1 million barrels, or 0.5% higher than one year ago. Here's how individual regions and their gasoline inventory fared last week: East Coast (-1.7mb); Midwest (+0.4mb); Gulf Coast (+0.3mb); Rockies (-0.6mb); and West Coast (-0.6mb). 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 114.5 million barrels. At 114.5 million barrels, inventories are now 5.9 million barrels, or 4.9% lower vs. a year ago.

Gasoline supplied to end users amounted to 8.4 million barrels per day, or 123,000 barrels per day less than the previous week. So far in 2014, gasoline supplied is 1.3% lower versus 2013.

Refinery utilization was down by 0.6% to 87.4% vs. last week's numbers. Gasoline production increased last week averaging over 9 million barrels per day while distillate fuel production decreased last week, averaging 4.6 million barrels per day.

Utilization rates for the last week were as follows: East Coast: 87.4%, Midwest: 95.1%, Gulf Coast: 85.0%, Rocky Mountain: 90.4%, West Coast: 89.2%. These percentages show how much of a region's overall capacity were used to refine oil. It is important to note these percentages, because the lower the utilization percent, the lower output, which has a direct impact on local gasoline prices. If refiners in your region have low output, your more likely to see prices rise.

Total oil stocks in the United States are down by 51.5 million barrels (-5.1%) over last year and stand at 1.03 billion barrels (excluding the Strategic Petroleum Reserve).

The U.S. imported 7.1 million barrels of crude oil per day last week, up by 75,000 barrels vs. the previous week. Total motor gasoline imports last week averaged 330,000bpd. The U.S. also imported 404,000bpd of distillate fuels. However, during the same time frame, the U.S. exported 576,000bpd of gasoline and 1.3mbpd of distillates. In total, U.S. refineries exported 3.8 million barrels per day of oil and products.