EIA: PADD 2 Gasoline Stocks Extend to Near 10-Month High
1/14 11:39 AM
EIA: PADD 2 Gasoline Stocks Extend to Near 10-Month High
Miguel E. Andujar
DTN Refined Fuels Market Reporter
DAVENPORT, FL (DTN) -- Midwest gasoline and distillate inventories increased
last week, while jet fuel stocks edged lower, Energy Information Administration
said in data released Wednesday (1/14).
Total motor gasoline inventories in the PADD 2 region increased by 3.4
million bbl to 56.5 million during the week ended Jan. 9. EIA data showed it
was the loftiest gasoline stockpiles since the 57.5 million bbl reported for
the week ended March 28, marking a nearly 10-month high.
The latest weekly balance for gasoline was also above the 53.8 million bbl
reported during the same week of last year, reflecting seasonal demand softness
and improved supply coverage across the region. Retail prices tracked the loose
inventory structure, with Midwest gasoline averaging 29.5cts below last year's
level at $2.604 gallon during the week ended Jan. 12 -- despite a week-on-week
rise of 1.9cts.
Regional distillate fuel oil inventories in PADD 2 rose by 1.3 million bbl
to 30.7 million bbl during the reported week. Despite the build, stocks
remained below the 34.4 million bbl reported in the same week last year, as
winter demand continued to weigh on year-over-year balances. Retail diesel
prices moved lower alongside the inventory increase, with Midwest diesel
averaging $3.365 gallon in the week ending Jan. 12, down by 2.2cts on the week
and 16.7cts lower than the same week last year.
Jet fuel inventories in the Midwest slipped to 7.5 million bbl, down
slightly from the 7.6 million bbl the prior week but above the 7.3 million bbl
held in the same week last year -- maintaining adequate supply following
earlier seasonal draws.
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