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EIA: Crude inventories continue to drop, West Coast refinery production rises even with fire

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 3.7 million barrels to a total of 366.2 million barrels. At 366.2 million barrels, inventories are 12.2 million barrels above last year (3.4%) and are above the upper limit of the average range.

GASOLINE INVENTORIES:
Gasoline inventories decreased by 2.4 million barrels to 203.7 million barrels. At 203.7 million barrels, inventories are down 6.4 million barrels, or 3.0% lower than last year. Here's how individual regions and their gasoline inventory fared last week: East Coast (-1.8mb); Midwest...

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Submitted Aug 15, 2012 By: PD

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honda0105 Champion Author Tallahassee Posts:18,818 Points:1,636,245 Joined:Nov 2008	Message Posted: Aug 18, 2012 6:52:59 AM Ignore honda0105 Report Abuse nothing new.
pfone1847 Champion Author Illinois Posts:3,321 Points:650,305 Joined:Oct 2010	Message Posted: Aug 17, 2012 6:38:02 AM Ignore pfone1847 Report Abuse Hmmm
honda0105 Champion Author Tallahassee Posts:18,818 Points:1,636,245 Joined:Nov 2008	Message Posted: Aug 17, 2012 5:05:36 AM Ignore honda0105 Report Abuse prices unchanged in their upward move.
spiderjay Champion Author Little Rock Posts:4,773 Points:1,283,935 Joined:Oct 2005	Message Posted: Aug 16, 2012 7:09:07 PM Ignore spiderjay Report Abuse why is gas up 15¢ this week
sparky808 Champion Author Honolulu Posts:3,139 Points:624,685 Joined:Sep 2011	Message Posted: Aug 16, 2012 12:30:50 PM Ignore sparky808 Report Abuse Thank you for posting.
JamesCalvin Champion Author Lancaster Posts:3,339 Points:546,280 Joined:Nov 2011	Message Posted: Aug 16, 2012 10:55:33 AM Ignore JamesCalvin Report Abuse Up and down!
JXQW Champion Author Kansas City Posts:2,787 Points:691,975 Joined:Jul 2008	Message Posted: Aug 16, 2012 10:40:04 AM Ignore JXQW Report Abuse that is funny why it drops at the right time (the prices are surging)...
MikLamb Champion Author Texas Posts:8,120 Points:2,201,845 Joined:Jun 2006	Message Posted: Aug 16, 2012 9:24:44 AM Ignore MikLamb Report Abuse So, let me get this straight: A refinery fire causes retailers to instantly jack up prices, because of the "expected drop in gas availability". Surprise, there's no drop in availability, production is actually rising! So, do retailers go ahead and sheepishly drop their prices back down? Hell, no!
CapriceWagon Champion Author Washington Posts:1,009 Points:502,870 Joined:Feb 2008	Message Posted: Aug 16, 2012 8:55:29 AM Ignore CapriceWagon Report Abuse All part of the game, there's no reason for prices to rollercoaster
Rhino8of8 Champion Author Wisconsin Posts:1,336 Points:399,315 Joined:Jan 2012	Message Posted: Aug 16, 2012 8:41:23 AM Ignore Rhino8of8 Report Abuse Refinery production rises even with fire... but it was the fire and reduced refineries that was driving the price up, right?
Somis1 Champion Author Ventura Posts:13,825 Points:2,641,500 Joined:Jul 2005	Message Posted: Aug 16, 2012 8:40:07 AM Ignore Somis1 Report Abuse Oh, good. If refinery production hasn't been affected after all, prices will quickly return to where they were. Not!
BudsterMO Champion Author Kansas City Posts:3,845 Points:730,655 Joined:Aug 2009	Message Posted: Aug 16, 2012 8:39:57 AM Ignore BudsterMO Report Abuse More grist for the speculator mill. Stop Oil Speculation (SOS) NOW!
Sethyl Champion Author Miami Posts:1,889 Points:404,190 Joined:Oct 2009	Message Posted: Aug 16, 2012 8:39:45 AM Ignore Sethyl Report Abuse If the prices are up, the President can't control them, but if they go down, they get all the credit for the improvement.
PackerfanMN Champion Author Twin Cities Posts:1,044 Points:291,075 Joined:Nov 2011	Message Posted: Aug 16, 2012 8:39:40 AM Ignore PackerfanMN Report Abuse Doesn't pass the smell test. Manipulated Price is right!
mitchells Champion Author Montreal Posts:3,966 Points:1,148,985 Joined:Oct 2009	Message Posted: Aug 16, 2012 8:39:35 AM Ignore mitchells Report Abuse more fire for the speculators
mikerroy Champion Author Albuquerque Posts:2,691 Points:747,175 Joined:May 2005	Message Posted: Aug 16, 2012 8:37:25 AM Ignore mikerroy Report Abuse We always hear about the "Market Price" for gasoline. That should be changed to what it really is, the "Manipulated Price" for gasoline!
buzzieNY Champion Author Buffalo Posts:3,025 Points:662,055 Joined:Jun 2011	Message Posted: Aug 16, 2012 8:37:22 AM Ignore buzzieNY Report Abuse The result, higher prices coming just in time for the elections!
BCM1 Champion Author Pennsylvania Posts:1,879 Points:786,420 Joined:Jun 2007	Message Posted: Aug 16, 2012 8:35:22 AM Ignore BCM1 Report Abuse Wasn't this yesterday's news. We have more crude now than last year, but these worry warts are trying to spread fear and drive up the price.
regasaz Champion Author Phoenix Posts:5,779 Points:1,300,035 Joined:Dec 2006	Message Posted: Aug 16, 2012 8:34:22 AM Ignore regasaz Report Abuse Inventories down, pump prices skyrocketing. Things seem to smell a little fishy I'd say.
momof5MN Champion Author Twin Cities Posts:4,189 Points:221,335 Joined:Feb 2011	Message Posted: Aug 16, 2012 8:34:17 AM Ignore momof5MN Report Abuse Zzzzzzzzzzz
olebufnav Champion Author Omaha Posts:4,121 Points:1,049,730 Joined:Nov 2008	Message Posted: Aug 16, 2012 8:33:06 AM Ignore olebufnav Report Abuse WHY?
wingryder92 Champion Author British Columbia Posts:6,084 Points:585,705 Joined:Apr 2011	Message Posted: Aug 16, 2012 8:32:37 AM Ignore wingryder92 Report Abuse That is some imaginary dream Chris46, you definitely dream big!!
bigsranch Champion Author Houston Posts:3,282 Points:1,032,205 Joined:Apr 2007	Message Posted: Aug 16, 2012 8:32:25 AM Ignore bigsranch Report Abuse We need to drill. Mexico is not only drilling, they are pulling more oil out of their old wells through their "campos maduros" program.
PTBpricer Champion Author Virginia Posts:1,885 Points:228,170 Joined:Jun 2012	Message Posted: Aug 16, 2012 8:31:47 AM Ignore PTBpricer Report Abuse I'm wondering where we import gas from and to whom we export the gas. And why is east coast production so low.
40mpgsaturn Champion Author Wisconsin Posts:2,595 Points:544,005 Joined:Jun 2011	Message Posted: Aug 16, 2012 8:31:35 AM Ignore 40mpgsaturn Report Abuse It really doesn't matter!
Chris46 Champion Author Dayton Posts:23,954 Points:2,107,475 Joined:Sep 2005	Message Posted: Aug 16, 2012 8:30:42 AM Ignore Chris46 Report Abuse My dream is to wake up and find gas prices have fallen under $2/gallon, by some miracle.
esorsd Champion Author St. Louis Posts:5,873 Points:1,665,465 Joined:May 2005	Message Posted: Aug 16, 2012 8:30:29 AM Ignore esorsd Report Abuse ok
Stevedog Champion Author Michigan Posts:3,988 Points:1,972,700 Joined:Jul 2006	Message Posted: Aug 16, 2012 8:30:01 AM Ignore Stevedog Report Abuse refineries can catch on fire?
SmokeFan14 Champion Author St. Louis Posts:2,135 Points:1,108,905 Joined:Oct 2008	Message Posted: Aug 16, 2012 8:29:43 AM Ignore SmokeFan14 Report Abuse Crazy
stpatrickbday Champion Author Albuquerque Posts:1,663 Points:593,400 Joined:Mar 2011	Message Posted: Aug 16, 2012 8:29:05 AM Ignore stpatrickbday Report Abuse so why are prices rising?
racerdj Champion Author Indianapolis Posts:9,945 Points:2,083,075 Joined:Jun 2003	Message Posted: Aug 16, 2012 8:29:03 AM Ignore racerdj Report Abuse The result, higher prices coming just in time for the elections!
treehood Champion Author San Diego Posts:2,179 Points:423,485 Joined:May 2011	Message Posted: Aug 16, 2012 8:28:11 AM Ignore treehood Report Abuse Some of the numbers just don't seem right because the the Chevron refinery fire. Wonder what next week will show.
packards42 Champion Author Washington Posts:6,535 Points:1,147,920 Joined:Feb 2005	Message Posted: Aug 16, 2012 8:28:05 AM Ignore packards42 Report Abuse decreasing inventories, that bad for prices
gsipper Champion Author Indianapolis Posts:1,123 Points:677,150 Joined:Dec 2010	Message Posted: Aug 16, 2012 8:27:50 AM Ignore gsipper Report Abuse Prices are down for a little bit.
techque Champion Author St. Louis Posts:8,790 Points:2,444,405 Joined:Apr 2005	Message Posted: Aug 16, 2012 8:27:34 AM Ignore techque Report Abuse so the petroterrorists used the fire as a hoax excuse to jack prices for previously unused production capability !! surprise, surprise.
H2OBurner Champion Author Utah Posts:2,064 Points:733,710 Joined:Sep 2006	Message Posted: Aug 16, 2012 8:27:29 AM Ignore H2OBurner Report Abuse k
TTM77 Champion Author Maryland Posts:2,160 Points:1,222,250 Joined:Apr 2005	Message Posted: Aug 16, 2012 8:27:26 AM Ignore TTM77 Report Abuse conserve.....
Prodaddy Champion Author Houston Posts:8,511 Points:1,921,810 Joined:May 2007	Message Posted: Aug 16, 2012 8:26:06 AM Ignore Prodaddy Report Abuse They just wanna " price gouge " us
JCS Champion Author Twin Cities Posts:4,144 Points:1,338,640 Joined:Apr 2002	Message Posted: Aug 16, 2012 8:25:34 AM Ignore JCS Report Abuse Thank Obama
FocusGuy Champion Author Seattle Posts:7,192 Points:1,439,480 Joined:Apr 2009	Message Posted: Aug 16, 2012 8:24:23 AM Ignore FocusGuy Report Abuse git ovr it
Rick01 Champion Author Utah Posts:9,153 Points:2,388,400 Joined:Sep 2005	Message Posted: Aug 16, 2012 8:23:46 AM Ignore Rick01 Report Abuse Letting us know we are going to take in the shorts again soon.
BigBrat Champion Author Phoenix Posts:2,688 Points:1,057,330 Joined:Dec 2004	Message Posted: Aug 16, 2012 8:23:29 AM Ignore BigBrat Report Abuse Keep conserving!!!!
goalie1950 Champion Author Phoenix Posts:6,545 Points:1,323,145 Joined:Oct 2009	Message Posted: Aug 16, 2012 8:23:25 AM Ignore goalie1950 Report Abuse These inventory numbers mean nothing. The oil companies are going to charge whatever they want anyway. The principles of supply and demand don't apply when it comes to oil and gasoline. The major component in pricing these commodities is: GREED.
ILANGE9 Champion Author Illinois Posts:7,754 Points:1,623,925 Joined:Sep 2008	Message Posted: Aug 16, 2012 8:23:09 AM Ignore ILANGE9 Report Abuse Yonkers111 has solved the mystery. Thanks.
Jmac2008 Champion Author Missouri Posts:2,406 Points:906,890 Joined:Dec 2008	Message Posted: Aug 16, 2012 8:23:03 AM Ignore Jmac2008 Report Abuse and gas prices get higher
tribill Champion Author Twin Cities Posts:3,342 Points:2,360,360 Joined:Feb 2006	Message Posted: Aug 16, 2012 8:22:29 AM Ignore tribill Report Abuse Whatever...
Digger52 Champion Author Chicago Posts:2,536 Points:874,665 Joined:Aug 2008	Message Posted: Aug 16, 2012 8:22:05 AM Ignore Digger52 Report Abuse Is there a practical purpose to this report?
teatiger Champion Author Dallas Posts:2,815 Points:1,503,590 Joined:Nov 2008	Message Posted: Aug 16, 2012 8:20:40 AM Ignore teatiger Report Abuse more market pricing BS
deputydog082 Champion Author Detroit Posts:1,905 Points:685,830 Joined:Apr 2011	Message Posted: Aug 16, 2012 8:20:25 AM Ignore deputydog082 Report Abuse no correlation exists between inventory and prices except to justify increased gas pricing
Yonkers111 Champion Author Scranton Posts:8,342 Points:859,135 Joined:Apr 2007	Message Posted: Aug 16, 2012 8:20:12 AM Ignore Yonkers111 Report Abuse It was a tall, fat, short, skinny guy. This article says it all.