Supply Tightness Trumps Economic Concerns as Crude Prices Climb Higher
September 14, 2023
Propane inventories were up 3.136 million barrels putting total stocks at 99.133 million and last year there were 77.878 million.
Midwest stocks were up 1.028 million putting total Midwest stocks at 26.66 million barrels and last year there were 22.800 million.
Gulf Coast stock were up 2.233 million putting total Gulf Coast stocks at 58.421 and last year there were 43.070 million.
The DOE inventory report had crude oil up 3.396 million barrels, gasoline up 5.56 million and distillates up 3.93 million barrels.
Total US crude stocks are now at 420.592 and last year there were 429.633.
Total gasoline stocks are now 220.307 and last year there were 213.040.
Total distillate stocks are now at 122.533 and last year there were 116.020.
Crude prices are up again and currently up over a dollar per barrel as tight supply continue to fuel buying. Products are up but just slightly as crude has taken center stage. Supply tightness is again trumping economic concerns that could and likely will be a headwind at some point as inflation and interest rates continue to rise and higher price are starting to impact consumers despite many still looking at only a minor impact to the US economy.
Crude oil has traded to a ten-month high this morning.