PADD 2 Gasoline Stocks Hit Over 4-Month Low

DAVENPORT, FL (DTN) – Midwest (PADD 2) gasoline inventories declined sharply in the week ended April 24, falling to the lowest level in more than four months, while distillate stocks also moved lower, jet fuel inventories declined, and crude oil inventories increased, according to data released by the U.S. Energy Information Administration on Wednesday (4/29).

Motor gasoline inventories in PADD 2 fell by 2.8 million bbl to 49.6 million bbl in the week ended April 24, EIA data showed. This was below the 51.6 million bbl recorded in the same week last year and the lowest since the week ended December 19, when inventories stood at 49.4 million bbl. Total motor gasoline imports averaged 1,000 bpd, unchanged from the prior week and below the 9,000 bpd imported in the comparable week of the prior year.

Distillate fuel oil inventories in PADD 2 declined by 1.1 million bbl on the week to 25.9 million bbl and were slightly below the 26 million bbl reported in the same week of the previous year. Distillate fuel oil imports averaged 6,000 bpd, down from 14,000 bpd the prior week and in line with the 6,000 bpd imported a year earlier.

Jet fuel inventories in the Midwest declined by 300,000 bbl to 7.1 million bbl and were slightly below the 7.2 million bbl recorded in the same week last year. During the profiled week, PADD 2 jet fuel imports remained at zero bpd, unchanged week-over-week and year-over-year.

Crude oil inventories in PADD 2 increased by 600,000 bbl to 114.4 million bbl during the reference week and were above the 108.4 million bbl recorded in the same week of the previous year. Crude oil imports into the Midwest averaged 2.974 million bpd during the reference week, compared with 2.794 million bpd the prior week and 2.857 million bpd reported in the same week of the prior year.

Refinery utilization in the Midwest edged higher to 84.9% of operable capacity from 84.2% the prior week and flat compared with the same week of the prior year, according to EIA data.