EIA: PADD 1 Gasoline Stocks Hit February High Last Week

DAVENPORT, FL (DTN) – East Coast (PADD 1) gasoline inventories increased while distillate and jet fuel stocks both fell during the week ended December 26, according to Energy Information Administration (EIA) data released Wednesday (12/31).

Motor gasoline inventories in the East Coast region amounted to 56.2 million bbl last week, up 3.2 million bbl from the prior week and registering the highest volume reported since February, EIA data showed. Despite the build, inventories remained 2.4 million bbl below the same week last year, underscoring a tighter year-over-year supply position.

Gasoline imports in the region averaged 358,000 bpd in the reference week, down from the prior week’s 565,000 bpd and the year-ago level of 595,000 bpd. Retail prices reflected the improving supply picture, with East Coast gasoline prices slipping 3.9cts to average $2.781 gallon in the week ended December 29, and standing 17.5cts below the same period last year.

Distillate fuel oil stocks in PADD 1 declined by 2.6 million bbl to 31.1 million bbl week over week. Inventories of the same products were down 5.5 million bbl year over year, the EIA reported.

The tighter inventory structure in distillates coincided with firmer seasonal demand, keeping retail diesel prices elevated even as they eased modestly on the week. East Coast diesel prices fell 2.9cts to average $3.645 gallon as of December 29, while remaining 5.8cts above the same period last year as colder temperatures began to lift heating oil demand in the region.

In contrast, jet fuel inventories on the East Coast dropped by 300,000 bbl to 9.3 million on a weekly basis and remained below the year-ago level of 9.5 million.

Colder weather across the East Coast continued to shape refined product balances late in the month, with distillate inventories tightening while gasoline stocks rebuilt amid seasonally lower consumption.