EIA: PADD 2 Gasoline Stocks Post First Drop Since Jan. 30

DAVENPORT, FL (DTN) – Midwest (PADD 2) gasoline inventories declined last week during the week ended March 6, marking the first weekly drop since the week ended Jan. 30, while distillate stocks were little changed and crude oil balances increased, according to U.S. Energy Information Administration data released Wednesday.

Motor gasoline inventories in PADD 2 fell by 1.1 million bbl to 60 million bbl on the week, EIA data showed, marking the lowest level since the end of January, when inventories stood at 59 million bbl. Compared with the corresponding week last year, gasoline inventories were 800,000 bbl lower than the 60.8 million bbl recorded during the same period. Total motor gasoline imports remained at zero bpd, the same as in the previous week and below 1,000 bpd recorded in the corresponding week of the prior year. 

Distillate fuel oil inventories in the Midwest were unchanged on the week at 29 million bbl and were 5 million bbl below the level reported in the same week of the prior year. Distillate fuel oil imports were at 8,000 bpd, down 2,000 bpd from the prior week but 3,000 higher than the level reported in the same week of the prior year. 

Jet fuel inventories in PADD 2 rose by 200,000 bbl to 8 million bbl on the week. Stocks were 100,000 bbl below volume recorded in the same week of the prior year. During the profiled week, PADD 2 jet fuel imports remained at zero bpd, week-over-week and year-over-year. 

Crude oil inventories in PADD 2 increased by 700,000 bbl to 109 million bbl during the profiled week and were 1.2 million bbl above volumes recorded in the corresponding week of the prior year.

Crude oil imports into the Midwest averaged 3.395 million bpd during the reference week, compared with 3.19 million bpd the prior week and 2.884 million bpd reported in the same week of the prior year. 

Refinery utilization in the Midwest edged higher to 92.8% of operable capacity from 92.7% the prior week and was slightly below the 93.2% recorded in the same week of the prior year, according to EIA data.