Today's EIA Petroleum Report showed increases in all inventories save Gasoline. Crude stocks were up 4 million barrels, pushing inventories near the top end of the range. WTI prices were little changed on the news. Gasoline inventories fell over 5 million barrels, and supplies are now at the lower end of the 5 year range.
Crude inventories at Cushing, OK were up for the the first time in ten weeks, but remain below the 5 year range. Supplies also increased 3 million barrels in the gulf coast region (PADD 3), further swelling inventories above the 5 year range.
Supply
Domestic production recovered this week to a new high of 8.23 million barrels per day. The trade balance was more negative, likely reflecting the recovery of delayed shipments in the prior week due to the Houston ship channel closure.
Demand
The demand picture was firm in Gasoline and Diesel for the second week in a row, with both categories moving into the upper end of the 5 year range. Propane demand was down, consistent with the seasonal pattern.
PDF reports for all catergories:
