Weekly EIA report.
Crude stocks slid -5.9 M barrels, from last week; Distillates slid -242K Barrels; and Gasoline increased +2.5M barrels. The SPR slid another -3.6M barrels.
Refining operation eased this past 4wk. average, although gasoline supplies increased. The loss seems to be in distillates.
Gasoline consumption ticked up this week by 1.0% from last week after a month of declines. It is currently at -8.2% compared to same time last year. Gasoline, according to AAA, has declined -10.6¢ from last week.
Diesel in New England, still remains on the low side and is declining from last week. This cold snap will change the numbers, imo.
Not sure if gasoline prices will continue to slide, or when the draw on SPR numbers will stop, etc.
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