It was a tale of two extremes in this week's energy inventory report from the Department of Energy. In the case of crude oil, the direction was down. Following last week's large decline of over 5 million
Well, crude oil inventories were bound to decline at some point. After ten straight weeks of increases, crude oil inventories finally declined this week. While traders were expecting stockpiles to fall by 500 thousand barrels, the actual decline was more than eleven times that, at 5.585 million barrels! That was the largest weekly decline since July.
It's time again for my weekly gasoline update based on data from the Energy Information Administration (EIA). Rounded to the penny, Regular dropped two cents and Premium by one cent. Regular and Premium are down 51 cents and 45 cents, respectively, from their interim highs in late February.
According to GasBuddy.com, no state is averaging above $4.00 per gallon, and only Hawaii is averaging over $3.90. Three states (Oklahoma, Missouri and Kansas) are averaging under $3.00, up from two states last Monday.
How far are we from the interim high prices of 2011 and the all-time highs of 2008? Here's a visual answer.
(click to enlarge)
The next chart is a weekly chart overlay of West Texas Intermediate Crude, Brent Crude and unleaded gasoline end-of-day spot prices (GASO). WTIC