Is the Market Losing Momentum?
February 11, 2021
Propane stocks declined 4.508 million barrels, putting total reserves at 51.545 million barrels, and last year at this time, total stocks were 71.822 million barrels, a difference of 20.277 million barrels. Midwest stocks were done 1.070 million barrels putting total Midwest stocks at 13.351 million barrels compared with last years at this time when there were 15.389 million barrels, a difference of 2.038 million barrels. Gulf Coast stocks were down 1.726 million barrels, putting total Gulf Coast stocks at 28.797 million barrels compared to last year at this time when there were 47.887 million barrels, a difference of 19.090 million barrels.
The Refined fuels inventory update from the DOE had crude oil stock down 6.65 million barrels, putting total reserves at 469.014 million barrels compared with last year when there were 442.468 million, a difference of 26.546. This is roughly 2% above the average level seen in February.
Gasoline stocks had supplies were up 4.26 million barrels putting total reserves at 256.41 compared to last year when there were 261.049 million barrels, a difference of 4.637 million barrels. But they are still right on the 5 year average for this time of year.
Distillate stocks were down 1.73 million barrels putting total reserves at 161.106 million barrels compared to last year at this time when stocks stood at 141.222 million barrels, a difference of 19.884 million barrels. The current levels keep distillates at roughly 7% of the five-year average. After the inventory numbers came out, the market did not change much as the market may be giving us a temporary pause as it appears the market has lost some momentum.