This week's EIA Petroleum Status Report for May 2 was positive overall, with drawdowns in Crude and Diesel, and declines in both Cushing and Gulf Coast crude stocks. Gasoline inventories saw a build, and a very large addition to propane inventory was a reminder that we have too much.
Crude remained above the high end of the historical range, gasoline remained near the midpoint, and diesel fell back below the low end of the range.EIA Weekly Petroleum Inventory
Crude prices firmed after the report, perhaps on the unexpected news that gulf coast inventories declined. Cushing fell further below the historical range as expected.
Gasoline demand was flat week on week, in the middle of the range and above last year's levels. But diesel showed strength, well above last week, the historical range, and last year, at 4.33 MMBBLD.
Domestic crude production was flat week on week, and the trade balance improved by about half a million barrels per day as crude imports fell 600 KBOPD, and exports declined slightly.