Finally! Gasoline stockpiles CLIMBED!

The DOE report just came out, so here are some highlights:

*Refineries operated at 89.0% of capacity, which was expected.

*Gasoline production increased compared to last week, averaging 8.9million barrels per day. Distillate fuel production also increased to 4.2 million barrels per day.

*U.S. oil imports averaged 11 million barrels per day, up 727,000 barrels from the previous week.

*Over the last month, crude imports have averaged 10.3 million barrels per day, or about 457,000 barrels per day more than last year.

*Crude oil inventories jumped by 5.6 million barrels (WOW! Even with increased refinery activity?! Watch oil fall today!)

*Gasoline inventories increased by 0.4 million barrels, BUT REMAIN WELL BELOW the lower end of the average range.

*Gasoline demand DROPPED again. From 1.6% to 1.0%. (9.3 million barrels per day)

The Midwest PADD has finally gained. Although a small gain compared to last week, the midwest now has 46.7 million barrels in storage. (Compared to 46.6 and 46.3 the last week and week before, respectively)

Lookout! This report was better than analysts had expected. A 300,000 barrel bigger gain in gasoline stockpiles is going to help calm fears of refiners meeting summer demand.

Gasoline prices should continue to relax. I see no reason for a hike this week as long as traders view this news as bearish.

Powered by ScribeFire.

Leave a Reply

Your email address will not be published. Required fields are marked *

Please leave these two fields as-is:

Protected by Invisible Defender. Showed 403 to 1,672,653 bad guys.

 

TheGasGame.com (c) 2017 Frontier Theme