US gasoline demand last week spiked to the highest since late 2021 as road fuel inventories fell to a four-week low, according to Energy Information Administration (EIA) data released today.
US gasoline product supplied, a proxy for demand, rose in the week ended 20 June by 4.2pc to 9.69mn b/d, the highest since the week ended 24 December 2021. Demand was 8pc higher than the same week last year.
Rising demand helped draw down US gasoline stocks to 227.9mn bl, the lowest since the week ended 23 May, down by 0.9pc on the week and 2.6pc lower on the year.
Weekly EIA demand data is prone to sharp swings, while EIA monthly data, released with a lag, provides a more accurate picture of implied US demand. The four-week average of combined product supplied and exports was 9.94mn b/d — the highest since 15 November 2024 — up by 1pc from the previous four-week average but down by 0.5pc from a year earlier.
US retail gasoline prices rose to an 11-week high in the week ended 23 June, according to an earlier EIA report.
US gasoline imports last week rose to a four-week high at 1.01mn b/d, up by 4.9pc from the prior week and a 32pc climb from a year earlier. Meanwhile, US gasoline exports fell to 763,000 b/d, the lowest since 23 May, down by 4.7pc on the week and 13pc lower on the year.
Distillate exports at 44-week high
US ultra-low sulphur diesel (ULSD) inventories fell on the week by 3.4mn bl to 96.5mn bl, the lowest since 23 May. ULSD stocks were also down by 14.5mn bl from the same week in 2024.
US distillate fuel oil product supplied, which includes ULSD and high sulphur fuel oil, hit a four-week high of 3.78mn b/d, up by 1.3pc from the prior week and up by 7.3pc from the same week last year.
The four-week average of combined product supplied and exports rose by 2.1pc to 4.97mn b/d, also a four-week high. But this was down by 0.6pc compared to a year earlier.
US exports of distillate fuel oil climbed on the week by 26pc to 1.65mn b/d, the highest exports since 16 August 2024, and up by 6.2pc from the same week last year. ULSD imports slipped by 52pc to 73,000 b/d, the lowest since 25 April,and down by 43pc from the same week last year.
US jet fuel stocks rose on the week by 0.1mn bl to 44.5mn bl, the highest since 28 February and up by 0.6mn bl from the same week last year.
Refinery rates at 50-week high
US refinery gross crude inputs rose to 17.2mn b/d, increasing by 0.3pc from the prior week and was up by 1.8pc from the same week in 2024.
US refinery utilization rates increased by 1.5 percentage points to 94.7pc, the highest rates since 5 July 2024 and up by 2.5 points from the same week last year.
| EIA weekly refined products data | |||||
| Stocks mn bl | 20-Jun | 13-Jun | ±% | Year ago | ±% |
| Gasoline | 227.9 | 230.0 | -0.9% | 233.9 | -2.5% |
| Jet | 44.5 | 44.4 | 0.2% | 43.9 | 1.5% |
| Distillate fuel | 105.3 | 109.4 | -3.7% | 121.3 | -13.1% |
| -- ultra low-sulphur (<= 15ppm sulphur) | 96.5 | 99.9 | -3.4% | 111.0 | -13.1% |
| Imports '000 b/d | |||||
| Total products | 1,780 | 1,838 | -3.2% | 1,959 | -9.1% |
| Gasoline | 1,007 | 960 | 4.9% | 762 | 32.2% |
| Jet | 13 | 212 | -93.9% | 173 | -92.5% |
| Distillate fuel | 73 | 153 | -52.3% | 133 | -45.1% |
| Exports '000 b/d | |||||
| Total products | 7,177 | 6,822 | 5.2% | 6,279 | 14.3% |
| Gasoline | 763 | 801 | -4.7% | 876 | -12.9% |
| Jet | 258 | 214 | 20.6% | 147 | 75.5% |
| Distillate fuel | 1,649 | 1,308 | 26.1% | 1,553 | 6.2% |
| Refinery usage | |||||
| Refinery inputs '000 b/d | 17,199 | 17,147 | 0.3% | 16,895 | 1.8% |
| Refinery utilisation % | 94.7 | 93.2 | 1.6% | 92.2 | 2.7% |
| Products supplied '000 b/d | |||||
| Total products | 20,513 | 20,391 | 0.6% | 20,689 | -0.9% |
| Gasoline | 9,688 | 9,299 | 4.2% | 8,969 | 8.0% |
| Jet | 1,706 | 1,814 | -6.0% | 1,683 | 1.4% |
| Distillate fuel | 3,794 | 3,746 | 1.3% | 3,536 | 7.3% |
| — US Energy Information Administration | |||||
