Gas and Diesel Inventories Remain on Low-End of Historical Ranges
August 17, 2023
The DOE inventory report had crude oil inventories down 5.96 million barrels and crude inventories at Cushing, Ok were down 837,000 barrels. Gasoline inventories were down 260,000 barrels and distillates were up 300,000 barrels.
Crude supplies are 14.708 million more barrels than last year. Gasoline stocks are 848,000 more barrels than last year and distillates are 3.487 million more barrels than last year. Gas and diesel inventories are still at the low end of their average ranges and with a resilient economy and good energy demand supplies could see some issues over the medium term.
Propane inventories were up 671,000 barrels much less than the over 2-million-barrel build estimated. Production was down but at 2.654 million bpd, still in the top ten for production. Total propane inventories now sit at 90.624 million barrels and last year there were 68.002 million a 22.619 million barrels surplus year over year. Midwest supplies increased by 238,000 barrels putting total Midwest stocks at 23.898 million and last year there were 20.847 million a 3.051-million-barrel surplus over last year. Gulf Coast inventories were up 1.952 million putting total Gulf Coast stocks at 54.843 million barrels and last year there were 35.862 million and 18.981 million barrels surplus year over year.
Today is the last day of trading for September WTI crude oil so that could increase trading activity and volatility. Energy markets have traded down to support and so far, are trading higher to start the day. The bulls will need to have an up day to keep their hopes alive for more upside.