The Energy Information Administration released its weekly report today on the status of petroleum inventories in the United States.

Here are some highlights:

Crude oil inventories increased by 2.4 million barrels (MMbbl) to a total of 485.0 MMbbl. At 485.0 MMbbl, inventories are 30.2 MMbbl above last year (6.6%) and are at the upper limit of the average range for this time of year. Inventories at major delivery point Cushing, OK rose 0.0 MMbbl to a total of 58.5 million barrels.

Gasoline inventories decreased by 2.8 million barrels to a total of 221.0 MMbbl. At 221.0 MMbbl, inventories are up 7.7 MMbbl, 3.6% higher than a year ago and are well above the upper limit of the average range for this time of year.

Here's how individual regions and their gasoline inventory fared last week: East Coast (-5.4 MMbbl); Midwest (-0.8 MMbbl); Gulf Coast (+3.7 MMbbl); Rockies (+0.0 MMbbl); and West Coast (-0.2 MMbbl). It is important to note which regions saw increases/decreases as this information likely drives prices up (in the case of falling inventories), or down (in the case of rising inventories).

DISTILLATE (diesel, heating oil) INVENTORIES:
Distillate inventories decreased by 1.9 MMbbl to a total of 148.6 MMbbl. At 148.6 MMbbl, inventories are up 7.5 MMbbl, or 5.3% vs. a year ago.

Gasoline supplied to end users amounted to 9.2 million barrels per day (MMbpd), or 30,000 bpd higher than the previous week. So far in 2016, gasoline supplied is 2.9% higher versus 2015, according to the EIA.

Refinery utilization increased by 1.9% vs. last week's numbers to 87.1%. Gasoline production increased to 10.5 million barrels per day while distillate fuel production increased last week, averaging 4.8 million barrels per day.

Utilization rates for the last week were as follows: East Coast: 88.8%, Midwest: 92.2%, Gulf Coast: 87.4%, Rocky Mountain: 90.2%, West Coast: 77.5%. These percentages show how much of a region's overall capacity were used to refine oil. It is important to note these percentages, because the lower the utilization percent, the lower output, which has a direct impact on local gasoline prices. If refiners in your region have low output, you’re more likely to see prices rise.

Total oil stocks in the United States are up by 61.0 MMbbl (4.8%) over last year and stand at 1.33 billion barrels (excluding the Strategic Petroleum Reserve).

The U.S. imported 7.4 MMbpd of crude oil per day last week, down by 1,553,000 bpd vs. the previous week. Total motor gasoline imports last week averaged 500,000 bpd. The U.S. also imported 107,000 bpd of distillate fuels. However, during the same time frame, the U.S. exported 1,069,000 bpd of gasoline and 1,126,000 bpd of distillates. In total, U.S. refineries exported 4.9 MMbpd of oil and petroleum products.

Shortly before the EIA report was released, oil was trading down 28 cents per barrel. Shortly after the report was released, oil was down 27 cents per barrel.