Adds more detail on regional disposition.
Rising US road fuel demand last week may hint at a recovery but remains well below normal under restrictions on travel and other activities to slow the spread of the Covid-19 pandemic.
US gasoline demand climbed by 10pc to 5.9mn b/d in the week ended 24 April, the fuel's highest estimated consumption since 27 March but still 37pc lower than the same week last year. Gasoline exports increased by 15pc to 905,000 b/d, their highest level since late January. Total gasoline stockpiles fell by 1.4pc to 259.6mn bl following draws in every region but the US Gulf coast.
Implied US diesel demand increased by 1pc to 3.2mn b/d, 25pc lower than the same week last year and 20pc below average. Exports increased by more than 54pc from the previous week, to 1.3mn b/d. National diesel stockpiles increased by 3.7pc to 141.9mn bl, with builds in every region east of the Rocky Mountains. Ultra-low sulfur diesel (ULSD) stockpiles accounted for most all of that build, rising by 4.5pc, or 5.5mn bl, to 128.7mn bl.
US refiners are watching stockpiles and implied demand as states begin relaxing restrictions that cut weekly fuel consumption by almost half in the final week of March. The estimated gains in weekly fuel consumption offer some encouragement to refiners that have slashed rates to match sharply lower consumption. Crude throughputs at US refineries increased last week by 2.4pc to 12.8mn b/d, still 19pc lower than the five-year average for the week.
US gasoline demand plunged by 24pc in the week ended 3 April to a 29-year-low of 5.1mn b/d. Retailers and pipeline operators reported steep drops nationwide as the month drew to a close. Consumption crept higher through mid-April, based on federal data. But gasoline inventories had continued to climb, and implied demand remained at the lowest levels in decades.
West coast gasoline inventories fell last week by the largest volume of any region, lower by 5.8pc, or by almost 2mn bl, to 32.7mn bl. It was the largest weekly drop since March 2018. Reformulated blendstocks accounted for most of the draw, lower by 6.4pc to 15.1mn bl. Total gasoline stockpiles in that region remain 16pc higher than the same week last year and 8.4pc higher than the five-year average for the week.
Atlantic coast gasoline inventories fell by 1.8pc to 72.5mn bl. Reformulated blendstocks in the region increased by 4.4pc from the previous week to 23.5mn bl, their highest level since August 2016. Most of the Atlantic coast draw occurred in the central Atlantic subregion that includes New York, New Jersey and Pennsylvania. Gasoline stockpiles there fell by 3.9pc to 39mn bl.
A 5.2pc increase in US Gulf coast conventional blendstocks helped push total gasoline inventories higher by 1.1pc to 88mn bl. Stockpiles are at their largest volume since late February. Conventional blendstocks reached 36.4mn bl, higher by 4.8pc compared to the same week of last year.
Atlantic coast diesel inventories increased by 7.3pc to 44.4mn bl, higher by 16pc compared to the same week of 2019. Most of that build was delivered to the central Atlantic subregion, which increased by 9.5pc from the previous week to 18.3mn bl.
West coast diesel inventories fell by 2.1pc to 14.7mn bl, still 16pc higher than the same week last year.
Midcontinent refineries led US crude processing higher, increasing from the previous week by 11pc to 3mn b/d. Rates remained 15pc lower than the same week last year. Gasoline and diesel production there also increased from the previous week. Diesel rose by 13pc to 1.1mn b/d, within 5pc of year-ago levels. Gasoline production rose by 9pc to 1.7mn b/d, still lower by 46pc compared to the same week of last year.
