US gasoline inventories were drawn down last week as diesel stocks rose, while demand for both fuels increased.
Gasoline inventories in the week ended 24 February declined to 239.2mn bl, down by 0.4pc from a week earlier, according to the US Energy Information Administration (EIA). Inventories were 2.8pc lower than the same week last year.
Gulf coast inventories declined by 0.2pc to 87mn bl and were up 1.6pc compared to a year earlier. Atlantic coast gasoline stocks decreased by 1.7pc to 62.5mn bl, but were 2.8pc higher than a year earlier.
US finished gasoline product supplied — a proxy for demand — increased to 9.1mn b/d, up by 2.3pc from the prior week and up by 4.2pc from a year earlier.
Demand rose came as average US gasoline prices declined for a fourth consecutive week, falling by 3.7¢/USG to $3.34/USG in the week ended 27 February, according to a separate EIA report.
US gasoline imports increased on the week by 41pc to 672mn b/d and were 11pc higher than a year earlier. Imports rose on the US Atlantic coast and Gulf coast and declined in other regions.
Gasoline exports declined from a week earlier by 15pc to 651mn b/d and were down by 1.4pc from the same time last year.
Diesel stocks, demand up
US diesel inventories rose by 0.2pc to 122.1mn bl, the highest since January 2022, with stocks up 2.5pc from a year earlier.
Diesel inventories increased in the Rocky Mountains and west coast, but declined in other regions.
US diesel demand increased during the week by 1.7pc to 3.84mn b/d, but demand was 14pc lower than a year earlier.
Diesel imports fell by 52pc to 197mn b/d after nearly doubling last week. Imports were down by 51pc from the same week last year.
Diesel exports declined by 1.4pc to 945mn b/d, the third straight weekly decline, but were up by 26pc from a year earlier.
US jet fuel inventories increased last week by 0.8pc to 37.6mn bl, but were down by 1.6pc from the same time last year. US airline travel rose by 13pc in the week ended 25 February, surpassing pre-pandemic levels, according to Transportation Security Administration data.
| EIA weekly refined products data | |||||
| Stocks mn bl | 24-Feb | 17-Feb | ±% | Year ago | ±% |
| Gasoline | 239.2 | 240.1 | -0.4% | 246.0 | -2.8% |
| Jet | 37.6 | 37.3 | 0.8% | 38.2 | -1.6% |
| Distillate fuel | 122.1 | 121.9 | 0.2% | 119.1 | 2.5% |
| -- ultra low-sulphur (<= 15ppm sulphur) | 112.3 | 112.4 | -0.1% | 109.7 | 2.4% |
| Imports '000 b/d | |||||
| Total products | 1,854 | 2,065 | -10.2% | 2,276 | -18.5% |
| Gasoline | 672 | 476 | 41.2% | 603 | 11.4% |
| Jet | 126 | 135 | -6.7% | 168 | -25.0% |
| Distillate fuel | 197 | 414 | -52.4% | 403 | -51.1% |
| Exports '000 b/d | |||||
| Total products | 5,499 | 5,992 | -8.2% | 5,169 | 6.4% |
| Gasoline | 651 | 768 | -15.2% | 660 | -1.4% |
| Jet | 93 | 246 | -62.2% | 207 | -55.1% |
| Distillate fuel | 945 | 958 | -1.4% | 749 | 26.2% |
| Refinery usage | |||||
| Refinery inputs '000 b/d | 15,450 | 15,460 | -0.1% | 15,904 | -2.9% |
| Refinery utilisation % | 86 | 86 | -0.1% | 88 | -2.2% |
| Products supplied '000 b/d | |||||
| Total products | 20,413 | 20,218 | 1.0% | 20,830 | -2.0% |
| Gasoline | 9,112 | 8,910 | 2.3% | 8,743 | 4.2% |
| Jet | 1,513 | 1,323 | 14.4% | 1,470 | 2.9% |
| Distillate fuel | 3,835 | 3,771 | 1.7% | 4,450 | -13.8% |
| — US Energy Information Administration | |||||
