Gasoline prices (per AAA) slipped from last report's $3.827, to $3.803. One year ago the price had fallen to $3.764, with today's price now +1.0% above year ago.
Consumption of gasoline continues to edge up +0.3% over last week, and 2.4% above one year ago level.
Data per the EIA weekly report.
Crude stocks slid another -6.3M barrels, from last week, and is -4.6% below the 5 year seasonal average. It should be noted the 5 year average includes the abnormal 2020 and 2021 number. Otherwise, the current inventory is -0.8% below that adjusted 5 year average.
Distillates inventory rose +679K barrels; and Gasoline inventories slipped about -2.7M barrels. Distillates (-12.3%,-3.0%) and Gasoline (-3.3%, -2.2%) are both below 5 year and 3 year adjusted average inventories.
The SPR increased another 800K barrels this past week. This is the 5th straight week for increases, which are the first since January, 2021.
WTI is $86.70, compared to $81.74 (+6.1%), one week ago, and $83.07, one year ago (+4.4%).
Refinery edged up on a weekly basis, and is slightly above above year ago levels
For anyone interested, the U.S. has exported 848M barrels of crude and petroleum products, more than imported, since March 1, 2022. It jumped +18M barrels this past week. (Distillates account for approximately 77%.
Overall, crude stocks are beginning to wane, compared to this time last year, with days supply at 25.0, to last year's 26.4 days.
Gasoline exports/imports were about even this past week, with the tally since March 1, 2022, being 108.4M barrels being exported over imports.
Next Wednesday will be the August CPI release. With the motor fuel index jumping nearly 7% in August, expect the report to say something like half of the increase being energy. Having said that... +0.8% could be a month to month increase for the overall.
In any case, stock up on dramamine to offset the enormous spin about to take place. /s
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