Gasoline prices (per AAA) rose from last report's $3.848, to $3.875. One year ago the price had fallen to $3.674, but was at a low, before heading higher into Mid October's peak, then heading for the December low of $3.096.
Consumption edged down -1.8% from previous week and may be going into the fall season decline, even though the year over year is still up +2.9%.
Crude stocks decreased -2.1M barrels, from last week, and is -3.9% 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 -1.1% below that adjusted 5 year average.
Distillates inventory fell -2.9M barrels; and Gasoline inventories fell 831K barrels. Distillates (-11.5%,-3.1%) and Gasoline (-1.4%, -0.9%) are both below 5 year and 3 year adjusted average inventories.
The SPR increased another 600K barrels this past week. This is the 7th consecutive week for increases, which were the first since January, 2021.
WTI is $90.27, compared to $88.77 (+1.7%), one week ago, and $82.43 one year ago (+9.5%).
Refinery slipped on a weekly basis, but remains above year ago levels.
For anyone interested, the U.S. has exported 861M barrels of crude and petroleum products, more than imported, since March 1, 2022. That number increased by 16M barrels this past week.
Gasoline exports/imports saw a net increase of 4.4M barrels this past week, with the tally since March 1, 2022, being 113M barrels being exported over imports.
Despite the draw on gasoline inventory, which was almost entirely a result of exports, the decrease in nationwide consumption indicates pump prices are at or near peak and some relief should follow.
Diesel prices are still leaning towards edging upward at this time.
All of this is my opinion and yours may differ.
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