Inventories Remain Low Year-Over-Year
February 3, 2022
The DOE reported that crude oil supplies were down 1.047 million barrels putting total stocks at 415.143 million barrels and last year at this time there were 475.659 million a 60 million barrel difference.
Gasoline stocks were up 2.410 million barrels putting total stocks at 250.037 million barrels and last year there were 252.153 a 2.116 million barrels difference.
Distillate supplies were down 2.410 million barrels putting total stocks at 122.744 million barrels and last year there were 162.838 million barrels. A 40.094 million barrels difference.
Propane stocks were down 4.324 barrels, bigger than expectations, putting total stocks at 49.752 million barrels. Last year at this time there were 56.053 million barrels a 6.301 million barrel difference.
Midwest stocks were down 1.917 million barrels putting total Midwest stocks at 15.882 million barrels. Last year there were 14.421 million barrels, a 1.461 million barrels difference.
Gulf Coast stocks were down 214,000 barrels putting total Gulf Coast stocks at 24.483 million barrels and last year Gulf Coast stocks were at 30.523 million barrels a 6.040 million barrels difference.
Total propane stocks are 49.7 and are now at the second-lowest level for this time of year for the last 8 years. Last year at this time total inventories were at 56.1.
Crude and refined fuels inventories are also on the lower end of the average ranges. The market has been working to figure out does supply start to rise in a meaningful way with producer increasing their production levels or does demand growth get hit by rising prices that continue to stir inflation which leads to interest rate hikes that stop economic growth and energy demand.