Wednesday, March 26, 2014

EIA Petroleum Weekly Report: Crude Inventory +6.6 M, Gasoline -5.1 M, Diesel +1.6 M

Crude inventories rose sharply in the week ended March 21st, by 6.619 MMB.  A further decline in Cushing, OK crude inventories set a new 6 year low for this week, but the crude is accumulating on the gulf coast, where inventories rose 6.061 MMB.  

Gasoline stocks fell more than 5 MMB, while Diesel stocks rose modestly (by 1.56 MMB).

Gasoline demand rebounded from last week's sharp decline, moving to the high end of the historical range, above 9 MMBD.  Diesel experienced the opposite, falling sharply to 3.48 MMBD, below the historical range.  Demand fell in most other categories to pull total product supplied lower by about half a million barrels per day.

US production fell by 2,500 barrels per day last week, while net imports rose.

PDF Report:  EIA Weekly Petroleum Supply