RODUCT INVENTORIES
According to the Energy Information Administration, last week saw a 3.4 million barrel decline in crude oil inventories, which now stand over 18% lower than a year ago and are 14% below the five year average for this time of year. The nation’s SPR fell 3 million barrels and is down 11% from last year. Gasoline inventories rose by 800,000 barrels and stand about 4% above the year ago level and are right at average for this time of year. Distillate inventories rose 1.4 million barrels, but stand about 31 million barrels, or 21.2%, lower than a year ago. Refinery utilization rose 1 percentage point to 92.1%, while implied gasoline demand fell 138,000 barrels per day from the prior week. Total petroleum inventories stand at 1.139 billion barrels, about 12% lower than a year ago.
GAS PRICE TRENDS
The most common U.S. gas price encountered by motorists stood at $3.99 per gallon, unchanged from last week, followed by $3.89, $4.09, $3.79, and $4.19 rounding out the five most common prices.
The median U.S. price is $3.99 per gallon, down 20 cents from last week and about 18 cents lower than the national average.
The states with the lowest average prices: Oklahoma ($3.73), Kansas ($3.75), and Arkansas ($3.76).
The states with the highest prices: California ($5.86), Nevada ($5.20), and Hawaii ($5.15).
Original source can be found here.
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