A 2.4mn bl surge in naphthas, octane and other blendstocks pushed US gasoline inventories higher last week, according to the latest Energy Information Administration data.
US Gulf coast stockpiles of non-RBOB or conventional gasoline blendstocks appeared to soar in the week ended 22 July as the downstream industry works to manage a persistent summer gasoline glut. Implied weekly gasoline demand was steady at 9.8mn b/d and gasoline exports increased by 15pc to 454,000 b/d, according to the EIA.
But gasoline production adjusted for ethanol held steady at 10.1mn b/d despite a 2pc drop in refinery throughputs to 16.6mn b/d, according to the administration. Total US gasoline inventories increased by 452,000 bl to 241.5mn bl, an 11pc gain over the same week last year.
National conventional gasoline blendstock inventories fell by 454,000 bl to 102mn bl on a 951,000 bl draw in the US Gulf coast and 722,000 bl draw in the midcontinent. US reformulated gasoline blendstock inventories also fell, lower by 637,000 bl from the previous week, on a 1.3mn bl draw in the US Atlantic coast and 1.1mn bl draw in the midcontinent.
US Atlantic coast inventories of conventional fuel increased by 1.1mn bl to 29.9mn bl, or 9pc higher than the same week last year. The US Gulf coast added 998,000 bl of reformulated gasoline to its tanks and 1.4mn bl of blendstocks like naphtha, toluene and alkylates.
US Atlantic coast refiners slashed crude throughputs last week as national gasoline inventories continue to weigh on refining profits. Crude processing rates in the region fell by 9pc to 1mn b/d, or roughly 14pc lower than the same week last year. Gasoline production in the region still increased, higher by 2pc to 3.3mn b/d.
Total US distillate inventories fell by 780,000 bl, to 152mn bl, with ultra-low sulfur diesel (ULSD) inventories falling by 666,000 bl to 132.5mn bl. Atlantic coast inventories fell by 1.5mn bl to 59.3mn bl and ULSD by 1.6mn bl to 48.9mn bl.
US Gulf stockpiles offset much of that draw, higher by 961,000 bl to 45.6mn bl of total distillates and 1.4mn bl of ULSD to 39.1mn bl.
