Wednesday, July 3, 2024

This Week in Petroleum Summary July 3rd, 2024 per EIA.GOV

This week's full report

Gasoline rose +1.9¢ for the week, but remains below year ago levels, by -2.2¢, or -0.6%. Consumption edged up... per this past report, yet still remains below year ago levels, by just -1.2%.




Inventories were down across the board, with crude -12.1M barrels; Distillates down -1.5M barrels; Gasoline down -2.2M barrels. Total Petroleum + products +SPR slide downward -12.6M barrels, with the SPR rising +398K barrels.


For those interested, the exports of Crude, Petroleum Products, Including Gasoline has far outweighed the imports, by this much, since March, 2022.


The current crack spread has eased from last week's $26.37, to $25.87. Gasoline at $15.30 from last week's $15.93. Distillates to $10.57, compared to last week's $10.44.

Despite the drop in inventories, it should be pointed, they are not way off from year's past, as evidenced in the 5 year ranges.

So, I would think the outlook is a moderate rise in gasoline prices for the coming week. 

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