US GDP exceeds economists’ forecast
July 31, 2025
The DOE inventory report had crude oil supplies were up more than expected at up 7.7 million barrels. Total supplies are 426.691 and last year 433.049. Gasoline supplies were down 2.72 million barrels, putting total stocks at 228.405 and last year 223.757. Distillates were up 3.64, putting total distillate supplies at 113.536 and last year 126.847.
Propane inventories were up 1.150 million less than expected, putting total stocks at 83.477 million barrels. Last year total stocks were 87.394.
Midwest inventories were up 483,000, putting total Midwest stocks at 22.035 and last year 24.480.
Gulf Coast inventories were down 269,000 barrels, putting total stocks at 50.285 and last year 51.582.
The following is from John Kemp. US distillates stocks have been replenished after an unprecedented seasonal draw down during Israel’s war with Iran. Inventories have surged by nearly 11 million barrels over three weeks ending July 25 (the fastest seasonal increase since 1983) after depleting 7 million barrels over the three weeks ending July 4 (the fastest seasonal draw on record). Stocks are now 24 million barrels below the prior ten-year seasonal average, back to where they stood on the eve of the war on July 4.
The markets also got some positive economic data with US Q2 GDP coming in at 3.0%, which was higher than the 2.5% expected by economists. In addition, ADP reported that 104,000 private payrolls were created for July, which was much higher than the 75,000 jobs expected by economists.
RBOB and Crude have had a strong up week so far but have not gotten out of their respective trading ranges. HO has been relatively flat so fa this week really stuck in congestion. These markets are waiting in anticipation for what the impact of the additional tariffs will be on Rusia here in a few days.