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US Gasoline Stocks Faltering

ENERGY

US gasoline stocks fell by 4.8 million barrels to 220.2 million barrels last week in a seventh consecutive weekly decline. It leaves US gasoline inventories around 14mn bbls below year ago levels.

  • US gasoline tightness is showing up in structurally short PADD 1 stocks in particular. They stood at 51.4mn bbls last week, dipping by a further 359,000 bbls from the week prior. PADD 1 stocks have been consistently dipping since January.
  • PADD 1 refinery utilisation shot up to 95% last week, the highest since mid-2018 but overall capacity on the East Coast has shrunk since then.
  • The East Coast is feeling the pressure nowadays after years of underinvestment and no longer having the PES refinery or supply from Canada’s Come-by-Chance refinery.
  • Gasoline prices are now above $4 per gallon on average in every state for the first time. Demand remains firm and is going to keep gaining as the summer driving season approaches.
Energy BulletsCommodities
Energy BulletsCommodities

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