E Oil And Gasoline Inventories Continue To Build, Prices Negatively Affected

Both oil and gasoline inventories continued to climb at a respectable rate last week, with crude inventories reaching their highest levels for this time of year in more than eighty years. Gasoline inventories did not climb nearly as quickly, however. We also saw the utilization of the nation’s refineries reverse the declines that they have been experiencing over the past few weeks. Gasoline production, however, continued to decline as it has for the past few weeks. This report caused oil prices to begin to decline once again, reversing the comparable strength that they have had for the past few weeks.

At the end of the week ended February 13, 2015, the nation’s commercial inventories of crude oil contained a total of 425.6 million barrels. This represents an increase of 1.84% over the 417.9 million barrels that these same inventories contained at the end of the previous week. As I mentioned in the introduction, this is substantially more oil than the 362.3 million barrels that these same inventories contained at the end of the week ended February 14, 2014.

The nation’s inventories of gasoline also increased week-over-week. At the end of the week ended February 13, 2015, the nation’s inventories of motor gasoline contained a total of 243.1 million barrels. This is a very slight increase over the 242.6 million barrels that these inventories contained at the end of the week ended February 6, 2015. Also, as has been the case since early December, these inventories contained more gasoline at the end of the current week than they contained at the end of the same week of last year. At the end of the week ended February 14, 2014, the nation’s inventories of motor gasoline contained a total of 233.4 million barrels of gasoline.

Interestingly, this increase in gasoline inventories comes despite reports that consumers have begun to increase their demand for gasoline and the fact that gasoline production declined slightly over the past week. During the four-week period ended February 13, 2015, the nation’s oil refineries produced an average of 8.639 million barrels of gasoline per day. During the previous four-week period, which ended on February 6, 2015, these same refineries produced an average of 8.649 million barrels of gasoline per day. Despite this week-over-week decline, the nation’s refineries still produced much more gasoline than during the corresponding four-week period last year. During the four-week period ended February 14, 2014, the nation’s refineries produced an average of 8.348 million barrels of motor gasoline per day.

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Author: Travis Esquivel

Travis Esquivel is an engineer, passionate soccer player and full-time dad. He enjoys writing about innovation and technology from time to time.

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