Fuel Stocks are Down and SPR at Lowest Level Since 1985
August 25, 2022
The government’s inventory report said that crude oil stocks were down 3.28 million barrels, the estimate was for a draw of 1.961 million. This now puts total stocks at 421.672 million and last year there were 432.564 million.
Gasoline stocks were down 27,000 barrels and the estimate were for stock to be down 2.046 million. Total stocks are now at 215.647 and last year there were 215.674 million barrels.
Distillate stocks were down 660,000 barrels and the estimate was up 359,000 barrels. This now puts total stocks at 111.594 million barrels and last year there were 112.256 million barrels.
Propane stocks were up 9,000 barrels putting total stocks at 68.011 million barrels and last year there were 68.749 million barrels.
Midwest stocks were up 174,000 barrels putting total stocks at 21.021 million and last year there were 21.595.
Gulf Coast stocks were up 426,000 barrels putting total stocks at 36.288 million and last year there were 34.173 million barrels.
There have been several different commentaries today that think the US and Iran are moving closer to getting back into the 2015 nuclear deal. This of course would lift sanctions on Iran and bring more barrels of crude to the market.
The EIA reported that US crude oil stocks in the SPR fell in the week ending August 19th to the lowest level since January 1985. SPR crude stocks fell by 8.1 million barrels on the week to 453.1 million barrels.