A Platts survey provided a consensus estimate for a weekly inventory gain of 2.5 million barrels, while the American Petroleum Institute had noted an inventory increase of 2 million barrels. The increase in inventories came in pretty much as expected and crude prices fell fairly sharply this morning in response.
Total gasoline inventories fell by 2 million barrels last week and remain in the upper limit of the five-year average range. Over the last four weeks, gasoline supplied has declined by -4.7% compared to the same period last year. Total motor gasoline supplied averaged 8.7 million barrels/day for the four weeks.
For the past week, crude imports averaged 8.8 million barrels/day, up by about 56,000 barrels/day from the previous week. Refineries were running at 86% of capacity, with daily input of 14.7 million barrels/day, up by 230,000 barrels/day from the previous week.
According to gasbuddy.com, US gasoline prices average $3.796/gallon today, compared with a pump price of $3.828 a week ago. AAA’s Fuel Gauge Report shows today’s price at $3.803, down from $3.84 a week ago. This continues the recent trend of falling pump prices and is about the same as the price decline we saw last week.
Paul Ausick
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