For the week ending on July 20, total crude inventories fell by 6.2 million bbl after growing by nearly the same amount during the previous week. According to the Energy Information Administration (EIA), stocks around the country now total 404.9 million bbl, which is almost 80 million bbl lower than inventory levels at this time last year. The tightened domestic crude supply amid robust global gasoline demand and high global crude demand will likely sustain the more expensive crude oil prices seen this year into the foreseeable future. This trend will keep gas prices high throughout the remainder of the summer and possibly into fall.
Crude Inventories See Significant Decline