The Department of Energy reported that in the week ending August 27th, 2010, U.S. crude oil increased by 3.4 million barrels, gasoline inventories decreased by 0.2 million barrels, distillate inventories decreased by 0.7 million barrels, and total petroleum inventories increased by 4.0 million barrels.
Demand increased 0.6% week-over-week. Over the last four-weeks, total petroleum demand has averaged 1.4% higher than the year ago period. Gasoline demand is up 1.9% YOY and distillate demand is up 7.8% YOY.
Crude oil imports decreased 0.2 million barrels week-over-week. Over the last four weeks, imports have averaged 9.6 million barrels per day, 0.5 million barrels per day higher than the year ago period.
Refinery utilization decreased to 87% from 87.7% in the prior week. Gasoline production fell nearly 0.3 million barrels per day, but is coming off record levels. Distillate production also declined.
U.S. crude oil production increased 1.7% from last week. Year-to-date oil output is up 3.8% from the year ago period. Production is now at the highest level since April 2004.