Total domestic crude inventories are continuing to slide. For the second week in a row, crude inventories around the country fell by 1.2 million bbl, according to new data released by the Energy Information Administration. Stocks now total 442 million bbl, which is approximately 1 million bbl lower than where they were at this time last year. The decline comes after 10 weeks of consecutive inventory growth that helped to push crude prices to their lowest levels of 2018 – as cheap as $50/bbl. However, with inventories now falling, crude prices could increase. If this proves true, then motorists will likely see pump prices increase during the first quarter of 2019.
Domestic Crude Inventories Drop for Second Week