The US Energy Information Administration (EIA) released its weekly petroleum status report this morning. US commercial crude inventories increased by 2.8 million barrels last week, bringing the total US commercial crude inventory to 375.9 million barrels, within the upper limit of the five-year range for this time of the year.

A Platts survey provided a consensus estimate for a weekly inventory gain of 2.5 million barrels, while the American Petroleum Institute had noted an inventory increase of 2 million barrels. The increase in inventories came in pretty much as expected and crude prices fell fairly sharply this morning in response.

Total gasoline inventories fell by 2 million barrels last week and remain in the upper limit of the five-year average range. Over the last four weeks, gasoline supplied has declined by -4.7% compared to the same period last year. Total motor gasoline supplied averaged 8.7 million barrels/day for the four weeks.

For the past week, crude imports averaged 8.8 million barrels/day, up by about 56,000 barrels/day from the previous week. Refineries were running at 86% of capacity, with daily input of 14.7 million barrels/day, up by 230,000 barrels/day from the previous week.

According to gasbuddy.com, US gasoline prices average $3.796/gallon today, compared with a pump price of $3.828 a week ago. AAA’s Fuel Gauge Report shows today’s price at $3.803, down from $3.84 a week ago. This continues the recent trend of falling pump prices and is about the same as the price decline we saw last week.

Paul Ausick