EIA released its weekly inventory report today for the week ending June 12, 2015. Oil prices are soaring on Wednesday morning, increasing 2.93% only to fall back down. The price jump was partly due to analysts expexting U.S. inventory data to show strong refiner demand for oil and consumer demand for gasoline. Analysts expected total domestic oil stockpiles to decline for a seventh consecutive week last week. Oil’s gains today were also boosted by a weaker U.S. dollar. Oil prices and the dollar have shown a strong inverse relationship recently; a falling dollar can boost oil by making it less expensive for buyers using foreign currencies.

Reuters reports that Brent futures were up $1.25 at $64.95 a barrel by 1358 GMT, having touched a high of $65.47. Front month U.S. crude futures were up 98 cents at $60.95 per barrel. JP Morgan said in its weekly oil research note that U.S. production had reached a new high this week but would start to drop. Despite the demand strength in the United States and Asia, prices have mostly stayed below $65 a barrel this year, compared with Brent crude’s $115 this time last year.

Here are the highlights of the latest EIA inventory report:

U.S. commercial crude oil inventories excluding those in the Strategic Petroleum Reserve decreased by 2.7 million barrels from the previous week. At 467.9 million barrels, U.S. crude oil inventories remain near levels not seen for this time of year in at least the last 80 years.

U.S. crude oil refinery inputs averaged 16.3 million barrels per day during the week ending June 12, 2015, 294,000 barrels per day less than the previous week’s average. Refineries operated at 93.1% of their operable capacity last week.

U.S. crude oil imports averaged about 7.1 million barrels per day last week, up by 444,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged over 6.9 million barrels per day, 5.3% below the same four-week period last year.

Propane/propylene inventories rose 1.9 million barrels last week and are well above the upper limit of the average range.

Gasoline production decreased last week, averaging about 9.7 million barrels per day. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 682,000 barrels per day. Total motor gasoline inventories increased by 0.5 million barrels last week, and are in the upper half of the average range. Both finished gasoline inventories and blending components inventories increased last week.

Distillate fuel production decreased last week, averaging over 5.0 million barrels per day. Distillate fuel inventories inventories increased by 0.1 million barrels last week but are in the lower half of the average range for this time of year. Distillate fuel product supplied averaged over 3.9 million barrels per day over the last four weeks, down by 2.1% from the same period last year.