EIA DATA: Gasoline stocks at 18-week high as exports ease

7 Dec 2022

Quantum Commodity Intelligence - US gasoline stocks increased 2.5% to 219 million barrels in the week to 2 December, according to the latest EIA data, as exports fell and demand was flat.

Inventories increased in every region, with the Atlantic coast up 2.5% to a six-week high 50.6 million barrels and the Gulf coast 0.5% higher over the period to a 13-week high 83.4 million barrels.

Atlantic coast stocks are still relatively tight, showing an 11% deficit to the same week last year and nearly 15% below its five-year average.

Total US gasoline stocks are now broadly in line with a year ago and 4% below the five-year average for the week.

Stocks were higher as exports fell 11% over the week to just over 1 million bpd.

Imports also declined, down 3% to a four-week low 519,000 bpd with the transatlantic export route from Europe closed for much of the last two weeks.

Demand was broadly flat on the week at 8.4 million barrels, nearly 7% lower than the same time last year and 4% below the five-year average for the week.

Average US gasoline prices dipped to $3.39/gal in the week to 5 December, according to the EIA, from $3.53/gal the previous week.