Diesel Inventories Are 23% Below 5-Year Average
May 12, 2022
The DOE inventory report said the crude oil inventories were up 8.49 million barrels putting total stocks at 424.214 million barrels. Last year at this time stocks were at 484.691 million barrels a 60.477 million barrel difference.
Stocks of crude oil at Cushing, Ok were down 587,000 barrels putting total stocks at 28.242 million barrels and last year at this time there were 45.905 million a 17.663 million barrel difference.
Gasoline stocks were down 3.61 million barrels putting total stocks at 224.968 million and last year at this time there were 236.189 a 11.221 million barrel difference.
Distillates stocks were down 910,000 barrels putting total stocks at 104.029 million barrels and last year at this time there were 134.419 million a 30.390 million barrel difference.
Propane inventories were up 3.414 million barrels putting total stocks at 44.224 million barrels and last year at this time stocks were 44.012 a 354,000 barrel difference.
Midwest stocks were 164,000 barrels putting total Midwest stocks at 9.385 million barrels and last year stocks were at 10.715 a 1.330 million barrel difference.
Gulf Coast stocks were up 3.783 million barrels putting total Gulf Coast stocks at 29.178 million barrels and last year at time they were 26.825 million barrels.
Diesel inventories are 23% below the five year average and are at their lowest level since 2008. The current outlook is that the decline in inventory will begin to slow down and will eventually turn to builds to stocks by as soon as next month.
The energy market continues to be up one day and down the next as the market weighs the news of the day on supplies worries versus demand concern from China and a broader market sell off.