According to the Energy Information Administration’s (EIA) latest weekly petroleum status report, crude inventories in the U.S. grew by 1.8 million bbl last week. Total inventories now sit at 422.1 million bbl, which is 96 million bbl lower than the total at this time last year. Growth in crude stocks has been partially attributed to refinery maintenance picking up. U.S. gasoline inventories also increased on the week with an addition of 3.6 million bbl to total 249.1 million bbl. The total is 10 million bbl lower than last year’s level and about 4.3 million bbl above the five-year average.
EIA Reports Crude and Gasoline Inventory Growth on the Week