EIA Weekly Petroleum Report: Sharp Rise in Crude Stocks, Sharp Decline in Gasoline

The EIA Weekly Petroleum Status Report released today for the week ended March 7 showed:

• Crude inventories up 6.18 million barrels.  
• Cushing crude oil inventories fell a steep 1.34 million barrels 
• Gasoline inventories fell 5.23 million barrels 
• Diesel, Jet Fuel, Propane, and Ethanol inventories were all down
• Crude oil production reached a new high of 8.18 MMBOPD
• Strengthening demand for gasoline, diesel, and jet fuel, above weather-influenced lows in previous weeks.

PDF Reports
EIA Weekly Petroleum Inventory
EIA Weekly Petroleum Supply
EIA Weekly Petroleum Demand

Gasoline implied demand was near the top of the range, and more than 500K barrels per day above the prior week.  Likely a weather related recovery.

Cushing crude stocks continued their multi-week decline, having fallen over 10 million barrels in 6 weeks.  They are now at the bottom of the 5 year range.

The propane shortage appears to be abating.

The trade balance was slightly negative vs the prior week, but little changed overall.