U.S. crude oil supplies hit record highs last week, according to an Energy Information Administration (EIA) report (link opens in PDF) released today.
Crude oil inventories jumped 6.7 million barrels to 395.3 million barrels total for the week ending April 26. After rising 0.9 million barrels the previous week, this newest reading represents the highest crude oil inventory level ever, according to The Wall Street Journal. This most recent increase originated from a double-whammy 602,000-barrel-per-day (bpd) import increase, as well as continued weak refinery output.
Source: eia.gov.
Total motor gasoline inventories fell 1.8 million barrels after dropping 3.9 million barrels�the previous week. Contrary to oil inventories, gasoline supplies remain "in the middle of the average range," according to the EIA. Prices at the pump dropped for the ninth consecutive week, down $0.016 to reach a national average of $3.52 per gallon. Compared to the same week last year, gas prices are $0.31 cheaper per gallon.
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Sealed Air Corporation, through its subsidiaries, provides food safety and security, facility hygiene, and product protection solutions worldwide. Its Food Packaging segment provides shrink bags and vacuum packaging products; packaging materials for cook-in applications; laminated and coextruded rollstock packaging materials used in thermoforming and form, fill, and seal applications; and associated packaging equipment and systems, including bag loaders, dispensers, and vacuum chamber systems. The company?s Food Solutions segment offers case-ready packaging offerings; ready meals packaging technologies; vertical pouch packaging solutions for packaging flowable food products; foam and plastic trays; absorbent products for food packaging; and related packaging equipment, including vacuum chamber systems. Its Protective Packaging segment provides air cellular packaging materials; polyolefin performance shrink films for product display; shrink packaging equipment systems; pol yurethane foam packaging systems that provide protective packaging; lightweight and tear-resistant mailers and bags; inflatable packaging systems; paper cushioning systems that include recycled paper and automated dispensing equipment; paper packaging products; and suspension and retention packaging products. The company?s Diversey Segment offers a range of products and services, such as kitchen cleaning products; food and beverage and manufacturing and processing products; floor care products and systems; restroom care and other housekeeping products; and laundry products, as well as consulting services. Sealed Air Corporation also provides specialty materials products to fabricators and manufacturers; and medical applications products and solutions to medical device manufacturers and pharmaceutical companies. The company markets its products primarily under the Bubble Wrap, Cryovac, and Diversey brands. Sealed Air Corporation was founded in 1960 and is headquartered in El mwood Park, New Jersey.
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