EIA: PADD 2 Gasoline, Distillate Fuel Oil Stocks Drop

DAVENPORT, FL (DTN) – Midwest (PADD 2) gasoline inventories declined in the week ended March 27, extending the prior week’s draw, while distillate stocks also fell and crude oil inventories increased, according to U.S. Energy Information Administration data released Wednesday (4/1).

Motor gasoline inventories in PADD 2 fell by 1.1 million bbl to 58.4 million bbl on the week, EIA data showed, and were above the 57.6 million bbl recorded in the corresponding week last year. No motor gasoline imports were recorded last week, compared to 2,000 bpd in the prior week and 30,000 bpd imported in the same week of the prior year.

Distillate fuel oil inventories in the Midwest declined by 1.1 million bbl on the week to 29.5 million bbl and were 2.5 million bbl below the level reported in the same week of the prior year. Distillate fuel oil imports averaged 4,000 bpd, down 1,000 bpd from the prior week and below the 6,000 bpd imported in the comparable week last year.

Jet fuel inventories in PADD 2 were unchanged at 8 million bbl on the week and were in line with the volume recorded in the same week of the prior year. During the profiled week, PADD 2 jet fuel imports remained at zero bpd, unchanged week-over-week and year-over-year. The steady inventory level comes as Midwest jet fuel markets have come under pressure in recent sessions, as stronger Gulf Coast (PADD 3) pricing has pulled barrels away from the Midwest.

Crude oil inventories in PADD 2 increased by 1.5 million bbl to 114 million bbl during the reference week and were 5.4 million bbl above volumes recorded in the corresponding week of the prior year. Crude oil imports into the Midwest averaged 2.828 million bpd during the reference week, compared with 2.938 million bpd the prior week and 3.343 million bpd reported in the same week of the prior year.

Refinery utilization in the Midwest declined to 86.7% of operable capacity from 90% the prior week and was above the 85% recorded in the same week of the prior year, according to EIA data.