U.S. crude oil supplies dropped 7.7 million barrels (2.2%) for the week ending Jan. 10, according to an Energy Information Administration report (link opens a PDF) released today.

After dropping 2.2 million barrels the previous week, this latest report marks the largest decrease since December 6 and the seventh straight week of draws. Refinery operating capacity continued to stay strong at 90%. Overall inventories have shrunk 2.8% in the past 12 months. 


Source: eia.gov. 

Gasoline inventories added on 6.2 million barrels (2.7%), the same amount as the week before. Demand for motor gasoline over the last four-week period is up a seasonally adjusted 2.7%. In the last year, supplies have decreased 0.8%. 

Over the past week, retail gasoline pump prices fell half a cent to a national average of $3.327 per gallon.

Source: eia.gov. 

Distillates supplies, which include diesel and heating oil, shrunk 1.0 million barrels (0.8%) after expanding more than 5 million barrels for each of the previous two weeks. Distillates demand for the last four weeks is up a seasonally adjusted 5.4%. In the past year, distillates inventories have dropped 6.3%. 

Source: eia.gov. 

link

The article Crude Oil Supplies Drop for 7th Straight Week originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2014 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.


Increase your money and finance knowledge from home

Income Investing

Grow your nest-egg.

View Course »

Basics Of The Stock Market

Stock Market 101 - everything you need to know but were afraid to ask!

View Course »

Add a Comment

*0 / 3000 Character Maximum