DOE Report Shows US Gas & Diesel Demand Near 10-Year Highs for Spring
April 6, 2023
As a reminder, all contracts with MFA Oil are take or pay. The gallons on all contracts need to be used up by the end date of the contract.
The DOE inventory report had crude oil inventories down 3.74 million barrels, Gasoline inventories down 4.12 million and distillates down 3.63 million barrels. The crude oil stocks at Cushing, Ok were down 970,000 barrels.
Total crude stocks are now at 469.952 million, 57.581 million more barrels than last year at this time. Total gasoline stocks are now at 222.575 million barrels, 14.212 million less than last year. Total distillate stocks are at 113.051 million, 1.250 million less than last year.
Propane inventories were down 535,000 barrels putting total stocks at 55.708 million, 21.333 million more than last year at this time. Midwest stocks were down 626,000 at 11.824 million 3.104 more than last year. Gulf Coast stocks were up 544,000 putting total stocks at 36.996, 17.577 million more than last year.
Yesterday’s trading volume was light, it is a long weekend coming up and most traders likely covered positions and left for a long weekend.
The DOE report showed US gasoline and diesel implied demand was up to near 10-year highs for this time of year.
Energy markets are seeing some profit taking this morning. It will likely be another day of light volume and the market will really slow down as the day wears on.