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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:18,650 Points:1,612,445 Joined:Nov 2008	Message Posted: Aug 18, 2012 6:52:59 AM Ignore honda0105 Report Abuse nothing new.
pfone1847 Champion Author Illinois Posts:3,201 Points:626,505 Joined:Oct 2010	Message Posted: Aug 17, 2012 6:38:02 AM Ignore pfone1847 Report Abuse Hmmm
honda0105 Champion Author Tallahassee Posts:18,650 Points:1,612,445 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:1,282,235 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:3,018 Points:601,635 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:3,201 Points:522,480 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:684,925 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:8,000 Points:2,178,045 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 All-Star Author Washington Posts:949 Points:481,770 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:1,256 Points:377,190 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:13,701 Points:2,617,700 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:3,725 Points:706,855 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:1,768 Points:380,390 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 All-Star Author Twin Cities Posts:912 Points:272,825 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:3,866 Points:1,126,835 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:2,581 Points:723,845 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:2,909 Points:638,480 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:1,864 Points:782,995 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:5,775 Points:1,283,880 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:4,069 Points:215,535 Joined:Feb 2011	Message Posted: Aug 16, 2012 8:34:17 AM Ignore momof5MN Report Abuse Zzzzzzzzzzz
olebufnav Champion Author Omaha Posts:3,994 Points:1,026,155 Joined:Nov 2008	Message Posted: Aug 16, 2012 8:33:06 AM Ignore olebufnav Report Abuse WHY?
wingryder92 Champion Author British Columbia Posts:5,717 Points:561,905 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:3,161 Points:1,008,405 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:1,570 Points:208,370 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:2,500 Points:522,380 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:23,720 Points:2,085,240 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:5,753 Points:1,641,665 Joined:May 2005	Message Posted: Aug 16, 2012 8:30:29 AM Ignore esorsd Report Abuse ok
Stevedog Champion Author Michigan Posts:3,868 Points:1,948,820 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:2,120 Points:1,090,130 Joined:Oct 2008	Message Posted: Aug 16, 2012 8:29:43 AM Ignore SmokeFan14 Report Abuse Crazy
stpatrickbday Champion Author Albuquerque Posts:1,541 Points:570,350 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:9,830 Points:2,059,500 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:2,059 Points:399,685 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:6,452 Points:1,130,340 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:1,098 Points:659,775 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:8,670 Points:2,422,555 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:1,944 Points:709,910 Joined:Sep 2006	Message Posted: Aug 16, 2012 8:27:29 AM Ignore H2OBurner Report Abuse k
TTM77 Champion Author Maryland Posts:2,136 Points:1,212,670 Joined:Apr 2005	Message Posted: Aug 16, 2012 8:27:26 AM Ignore TTM77 Report Abuse conserve.....
Prodaddy Champion Author Houston Posts:8,395 Points:1,898,110 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:4,043 Points:1,316,715 Joined:Apr 2002	Message Posted: Aug 16, 2012 8:25:34 AM Ignore JCS Report Abuse Thank Obama
FocusGuy Champion Author Seattle Posts:7,072 Points:1,415,680 Joined:Apr 2009	Message Posted: Aug 16, 2012 8:24:23 AM Ignore FocusGuy Report Abuse git ovr it
Rick01 Champion Author Utah Posts:9,033 Points:2,365,500 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:2,679 Points:1,055,000 Joined:Dec 2004	Message Posted: Aug 16, 2012 8:23:29 AM Ignore BigBrat Report Abuse Keep conserving!!!!
goalie1950 Champion Author Phoenix Posts:6,425 Points:1,299,345 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:7,630 Points:1,600,125 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:2,289 Points:884,065 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:2,341,960 Joined:Feb 2006	Message Posted: Aug 16, 2012 8:22:29 AM Ignore tribill Report Abuse Whatever...
Digger52 Champion Author Chicago Posts:2,422 Points:851,860 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:2,695 Points:1,479,790 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:1,800 Points:663,245 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:8,331 Points:857,085 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.