EIA: PADD 2 Gasoline, Distillate and Jet Stocks All Build

By DTN

SECAUCUS, NJ (DTN) – Midwest gasoline, distillate and jet fuel inventories increased last week, while crude oil stocks held steady, the Energy Information Administration (EIA) reported Wednesday (7/15).

The latest weekly data covers petroleum supply and demand balances across the region for the week ended July 10.

Motor gasoline inventories in the PADD 2 region built by 400,000 bbl on the week to 44.7 million bbl, according to the EIA. Regional gasoline stocks fell by 1.9 million bbl from the 46.6 million bbl recorded during the corresponding week last year.

Weekly imports of gasoline into the Midwest fell by 4,000 bpd on the week to average 12,000 bpd during the current reporting period. This inbound volume fell by 3,000 bpd from the year-ago level of 15,000 bpd recorded during the same week last year.

Distillate fuel oil inventories in the PADD 2 region rose by 600,000 bbl on the week to reach a total of 28.9 million bbl. That weekly build placed regional distillate inventories 2.9 million bbl higher than the 26.0 million bbl logged during the corresponding week last year.

Distillate imports into the Midwest averaged 4,000 bpd, up by 1,000 bpd on the week but down by 2,000 bpd from the prior year. This inbound volume compared to 6,000 bpd imported during the corresponding week last year.

Jet fuel stocks rose by 400,000 bbl from the prior week to 7.3 million bbl, standing 500,000 bbl above the previous year’s level.

Crude oil inventories remained unchanged on the week at 97.9 million bbl, which is 3.6 million bbl lower than last year’s level. Crude imports into the PADD 2 region decreased by 299,000 bpd on the week to average 2,663,000 bpd, according to latest EIA data.

This inbound crude oil volume was 6,000 bpd lower than the 2,669,000 bpd reported by the agency during the corresponding week last year.

Refiner use of crude in the Midwest stood at 4.224 million bpd last week, versus 4.280 million the week prior and 4.079 million a year ago. The regional utilization rate fell to 99.1% versus the prior week’s 100.3% but remained above the year-ago level of 96.2%.