Crude stocks grew by just under 1 million barrels last week, remaining just above the historical range. But both Gasoline and Diesel supplies fell, keeping inventories low. Propane continued its aggressive recovery, back into the upper half of the 5 year range. Oil future rose slightly on the news.
Cushing inventories continued their rapid decline, well below the historical range, while gulf coast inventories continued to build, adding 2.3 million barrels to move further above the averages.
EIA Weekly Petroleum Inventory
Demand
Demand for gasoline, and especially diesel, was robust last week. Diesel posted the second strong week in a row, well above the 5 year average, even as diesel inventories remained below average.
EIA Weekly Petroleum Demand
Supply
The US posted another week of record crude production, more than 1.1 million barrels per day above last year's level.
EIA Weekly Petroleum Supply
The balance of trade was a bit looser last week, as net imports rose by 435K barrels per day.
