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EIA: Crude inventories 7.7% higher than last year, one region's refineries at 99.5% capacity

GasBuddy Blog -- The Energy Information Administration released its weekly report on the condition of petroleum inventories in the United States today.

Here are some highlights:

CRUDE INVENTORIES:
Crude oil inventories decreased by 0.1 million barrels to a total of 387.2 million barrels. At 387.2 million barrels, inventories are 27.7 million barrels above last year (7.7%) and are above the upper limit of the average range.

GASOLINE INVENTORIES:
Gasoline inventories increased by 2.1 million barrels to 204.8 million barrels. At 204.8 million barrels, inventories are down 8.4 million barrels, or 3.9% lower than last year. Here's how individual regions and their gasoline inventory fared last week: East Coast (-0.2mb); Midwest...

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Submitted Jun 27, 2012 By: PD

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txrojo2005 All-Star Author Austin Posts:802 Points:500,960 Joined:May 2011	Message Posted: Aug 8, 2012 12:12:19 PM Ignore txrojo2005 Report Abuse People are cutting back.
stonecold5005 All-Star Author Waco Posts:819 Points:20,605 Joined:Mar 2012	Message Posted: Aug 7, 2012 1:38:54 PM Ignore stonecold5005 Report Abuse ok
OWENALOTT Champion Author Appleton Posts:2,182 Points:500,095 Joined:Apr 2011	Message Posted: Jun 28, 2012 6:33:35 PM Ignore OWENALOTT Report Abuse Thank you for posting. interesting read.
radstoy Champion Author Pennsylvania Posts:16,459 Points:3,220,705 Joined:Feb 2003	Message Posted: Jun 28, 2012 4:33:10 PM Ignore radstoy Report Abuse ok
knifeman9 Champion Author North Carolina Posts:5,820 Points:1,515,090 Joined:Oct 2008	Message Posted: Jun 28, 2012 12:37:30 PM Ignore knifeman9 Report Abuse This is where the good old "Supply >>>Greater!!! Than demand !!LESS Economics rules apply HARD !!
MarkJM Champion Author Little Rock Posts:1,480 Points:1,360,120 Joined:Oct 2005	Message Posted: Jun 28, 2012 12:20:44 PM Ignore MarkJM Report Abuse Thanks PD. this provides some useful information.
EMoe57 Champion Author Jacksonville Posts:4,753 Points:1,043,515 Joined:Apr 2009	Message Posted: Jun 28, 2012 10:42:31 AM Ignore EMoe57 Report Abuse ...and...
sparky808 Champion Author Honolulu Posts:3,144 Points:625,660 Joined:Sep 2011	Message Posted: Jun 28, 2012 10:19:54 AM Ignore sparky808 Report Abuse Thank you for posting.
tomok Champion Author Portland Posts:33,598 Points:2,373,210 Joined:Aug 2006	Message Posted: Jun 28, 2012 9:29:29 AM Ignore tomok Report Abuse Crude oil inventories decreased, Gasoline inventories increased, Distillate inventories decreased, Refinery utilization rise of 0.7%, Total US oil stocks are up. Pump prices have been dropping with a rise in refinery output, refinery utilization is almost in the 90% plus use except the East Coast @ 85.6%. Lower crude oil inventories is a Not a good thing but higher gasoline inventories Is a good thing! Big Oil continues to sell fuel and natural gas on the world market for higher prices, there will be NO price reduction for the cost of fuel or natural gas IN the US. 'Coming out of the closet' Barry (aka – vampire/ghost hunter) will support natural gas and oil production for sale on the world market to pay for his ‘spending gone wild’ addiction and receive the huge federal tax income from oil. Barry's economy is not improving but continues to hurt the population. The US ‘oil and natural gas resources’ belong to the citizens of this country and are to be used by those same citizens! Speculators, manipulators and the banks continue to unfairly and unjustly make the driving public pay higher prices at the pump for their personal benefit. How much will gas prices go up when it starts to rise again? And they will rise, the trend is always up with fuel prices. The price at the pump needs to go down to $2/gallon, $3 to $3.50/gallon is Not the new low! Whatever the size or shape of the vehicle, Produce and ‘Drive’ vehicles with high MPG, are very safe, reliable, have a ‘reasonable’ cost and a good ‘value’ for the money. Consider using other forms of less expensive transportation to lower your cost. The price of fuel at the pump is too high! 12/22/2012!
ModelWarships Champion Author Missouri Posts:5,890 Points:1,251,010 Joined:Jul 2008	Message Posted: Jun 28, 2012 9:10:55 AM Ignore ModelWarships Report Abuse here come the price increases
VernonOR Champion Author Oregon Posts:3,018 Points:758,980 Joined:Aug 2010	Message Posted: Jun 28, 2012 7:42:38 AM Ignore VernonOR Report Abuse After Obama is re-elected prices will state to climb.
GatorGuy Champion Author Columbia Posts:2,284 Points:1,226,490 Joined:Jan 2009	Message Posted: Jun 28, 2012 7:29:15 AM Ignore GatorGuy Report Abuse Keep those prices dropping!
OKRifle Champion Author Oklahoma City Posts:10,582 Points:1,837,985 Joined:Oct 2007	Message Posted: Jun 28, 2012 7:09:29 AM Ignore OKRifle Report Abuse Just keep the wildfires in Colorado away from the refinery! A threat will cause prices to rocket!
NotTom Champion Author New Hampshire Posts:5,457 Points:1,409,240 Joined:Aug 2005	Message Posted: Jun 28, 2012 7:05:37 AM Ignore NotTom Report Abuse OK
scrossi Champion Author Indiana Posts:4,024 Points:1,076,190 Joined:Dec 2008	Message Posted: Jun 28, 2012 7:05:11 AM Ignore scrossi Report Abuse True tekware.
deaconjones Champion Author Cleveland Posts:2,259 Points:324,955 Joined:May 2006	Message Posted: Jun 28, 2012 7:04:46 AM Ignore deaconjones Report Abuse REPEATED POST...
dlzastera Champion Author Minnesota Posts:4,645 Points:1,050,670 Joined:Mar 2006	Message Posted: Jun 28, 2012 7:04:41 AM Ignore dlzastera Report Abuse Cut the EIA.
kpacey All-Star Author Oklahoma Posts:643 Points:294,575 Joined:May 2012	Message Posted: Jun 28, 2012 7:04:20 AM Ignore kpacey Report Abuse Then why aren't the prices coming down?
INBwana Champion Author Indiana Posts:5,714 Points:723,685 Joined:Apr 2011	Message Posted: Jun 28, 2012 7:04:11 AM Ignore INBwana Report Abuse Same post as yesterday!
egd Champion Author Twin Cities Posts:8,231 Points:2,146,000 Joined:Mar 2005	Message Posted: Jun 28, 2012 7:04:08 AM Ignore egd Report Abuse and exporting the refined product
RochBear Champion Author Minnesota Posts:10,555 Points:1,759,235 Joined:May 2006	Message Posted: Jun 28, 2012 7:02:43 AM Ignore RochBear Report Abuse EIA - our tax money going down the toilet.
Gearitis Champion Author Waco Posts:1,293 Points:752,110 Joined:Sep 2005	Message Posted: Jun 28, 2012 7:02:07 AM Ignore Gearitis Report Abuse wow, good news before the bad.
TekWare Champion Author Toronto Posts:3,302 Points:700,760 Joined:May 2011	Message Posted: Jun 28, 2012 7:02:01 AM Ignore TekWare Report Abuse Too bad that seems to have no correlation with prices.
craigsf38 Champion Author Rochester Posts:5,853 Points:1,537,955 Joined:Jun 2008	Message Posted: Jun 28, 2012 7:01:35 AM Ignore craigsf38 Report Abuse OK
bodu All-Star Author Vancouver Posts:930 Points:286,215 Joined:Mar 2009	Message Posted: Jun 28, 2012 7:01:09 AM Ignore bodu Report Abuse Never been the lack of oil. But the shift is already being made.
36IHBinder Champion Author Illinois Posts:3,098 Points:670,790 Joined:Jun 2011	Message Posted: Jun 28, 2012 7:00:50 AM Ignore 36IHBinder Report Abuse day2
BeaconLite Champion Author Ottawa Posts:2,080 Points:396,955 Joined:Sep 2009	Message Posted: Jun 28, 2012 6:59:58 AM Ignore BeaconLite Report Abuse Has not changed since yesterday
ShadowACE Champion Author Boston Posts:9,159 Points:2,177,275 Joined:Jun 2006	Message Posted: Jun 28, 2012 6:59:58 AM Ignore ShadowACE Report Abuse It sure sounds like we need a few more refineries....
WTLITNG Champion Author Virginia Posts:1,977 Points:1,042,365 Joined:Dec 2008	Message Posted: Jun 28, 2012 6:59:26 AM Ignore WTLITNG Report Abuse This article was here yesterday.
Hangnail309 Champion Author Manitoba Posts:6,163 Points:1,704,860 Joined:Aug 2006	Message Posted: Jun 28, 2012 6:59:24 AM Ignore Hangnail309 Report Abuse So, does this mean that gas prices should still be lower?
DutchTreatMI Champion Author Grand Rapids Posts:3,446 Points:779,165 Joined:Mar 2011	Message Posted: Jun 28, 2012 6:59:22 AM Ignore DutchTreatMI Report Abuse Continue to bring gas prices down to a realistic levels and give the consumers much needed relief.
tomklo Champion Author Fort Worth Posts:2,520 Points:2,620,460 Joined:Jul 2002	Message Posted: Jun 28, 2012 6:59:21 AM Ignore tomklo Report Abuse really
ibhenry Champion Author San Diego Posts:1,536 Points:463,345 Joined:Jun 2011	Message Posted: Jun 28, 2012 6:59:08 AM Ignore ibhenry Report Abuse Gas prices at a standstill in San Diego. Roughly $3.69 and holding.
bikechuck Champion Author Indianapolis Posts:7,153 Points:2,090,820 Joined:Apr 2006	Message Posted: Jun 28, 2012 6:58:29 AM Ignore bikechuck Report Abuse Yes we are using less gasoline because of higher prices and the economy being poor.
rjoeh Champion Author Michigan Posts:7,207 Points:2,497,165 Joined:Jun 2004	Message Posted: Jun 28, 2012 6:58:25 AM Ignore rjoeh Report Abuse I'm still waiting for the next excuse to reverse the current trend.
too_darned_high Sophomore Author Indianapolis Posts:213 Points:360,900 Joined:Apr 2012	Message Posted: Jun 28, 2012 6:58:02 AM Ignore too_darned_high Report Abuse Gas prices are dropping right now...but I'm curious to see what will happen to prices on Wednesday, November 7th and afterward.
sailormon Champion Author Michigan Posts:3,595 Points:810,010 Joined:Jul 2007	Message Posted: Jun 28, 2012 6:57:31 AM Ignore sailormon Report Abuse Ok, prices coming down!
mberg Champion Author Houston Posts:3,948 Points:987,780 Joined:Aug 2010	Message Posted: Jun 28, 2012 6:57:27 AM Ignore mberg Report Abuse 99.5% of capacity. Is that a misprint or typo?
Diesel_Ram Champion Author Dallas Posts:6,639 Points:1,546,100 Joined:Jan 2009	Message Posted: Jun 28, 2012 6:56:18 AM Ignore Diesel_Ram Report Abuse That helps keep prices down.
Sethyl Champion Author Miami Posts:1,894 Points:405,165 Joined:Oct 2009	Message Posted: Jun 28, 2012 6:54:53 AM Ignore Sethyl Report Abuse Keep it goin'
svspyda Champion Author San Jose Posts:1,748 Points:354,985 Joined:May 2012	Message Posted: Jun 28, 2012 6:53:00 AM Ignore svspyda Report Abuse the crude oil prices are down, inventories are up but the price not down to that extent.
Legend1500 All-Star Author Midland Odessa Posts:964 Points:584,025 Joined:Jun 2011	Message Posted: Jun 28, 2012 6:52:52 AM Ignore Legend1500 Report Abuse No kidding the prices have been so high, everyone was using less.
gasman50 Champion Author Portland Posts:8,983 Points:2,437,165 Joined:Nov 2005	Message Posted: Jun 28, 2012 6:52:47 AM Ignore gasman50 Report Abuse Prices dropping fast here..........
bart_reed Champion Author Los Angeles Posts:4,110 Points:813,155 Joined:Mar 2011	Message Posted: Jun 28, 2012 6:52:30 AM Ignore bart_reed Report Abuse And gas prices were way up to for a good while.
MJIOWA Champion Author Iowa Posts:4,959 Points:1,104,670 Joined:Nov 2009	Message Posted: Jun 28, 2012 6:52:24 AM Ignore MJIOWA Report Abuse SWEET
NoGas714 All-Star Author Indiana Posts:754 Points:773,130 Joined:May 2005	Message Posted: Jun 28, 2012 6:52:15 AM Ignore NoGas714 Report Abuse Until gas is near or below $2/gal... It's still too high. You want an economic recovery? Lower fuel prices. Period. Fuel prices are baked into everything we buy from apples to a trip to the zoo. Everything is delivered by fuel (especially Diesel fuel), sometimes multiple times. If fuel costs go down, the price of everything else will go down too.
LuthierKS Champion Author Wichita Posts:3,908 Points:757,630 Joined:Apr 2011	Message Posted: Jun 28, 2012 6:52:12 AM Ignore LuthierKS Report Abuse It's a shame this has to be brought about by a bad economy.
naidu72 Sophomore Author California Posts:177 Points:11,145 Joined:Apr 2012	Message Posted: Jun 28, 2012 6:52:10 AM Ignore naidu72 Report Abuse mmmmmm
Rick01 Champion Author Utah Posts:9,158 Points:2,389,675 Joined:Sep 2005	Message Posted: Jun 28, 2012 6:52:07 AM Ignore Rick01 Report Abuse Sounds like a good thing for the consumers.
LanguageMan1 Champion Author Tampa Posts:11,866 Points:1,689,490 Joined:Apr 2008	Message Posted: Jun 28, 2012 6:51:06 AM Ignore LanguageMan1 Report Abuse The free market doesn't work as it did before, not with the manipulators in power today. As it is though, crude has a decent probability of going down to $67 to $74 a barrel, gasoline will most likely decline further as well. The prices WON'T be low for long as OPEC, Big Oil, The Refiners, their Banking Buddies and others won't allow it to stay low for long. Prices will be up once again, whether I or anyone else writes to that effect or not.