Gasoline stocks increased by 1.16Mb w/w, settling slightly above 259Mb, marking another multi-year high. Looking closer, inventories remain elevated across all sub-regions except PADD-5.
US commercial crude stocks added a little over 8.5Mb over the week ending 6 February, reaching a year-to-date high in today’s EIA data update. Nationwide crude processing remained elevated and shed just 30kbd w/w, hovering almost 600kbd above the 5-year range.
As such, US gasoline stocks hit another multi-year high, settling a tad over 259Mb (+1.16Mb w/w), with mogas stocks elevated in all sub-regions, except for PADD-5. By contrast, gasoil/diesel stocks continue to draw and lost 2.7Mb in today’s update. Jet fuel inventories ticked up by almost 400kb w/w, hampered by somewhat lacklustre daily air passenger throughput as of late. Lastly, fuel oil inventories decreased by some 300kb w/w, still trending at the lower end of the 5-year range.
Looking at implied demand, the proxy for gasoline was up by just 150kbd w/w in today’s reading, staying below the 5-year average, whereas implied gasoil/diesel demand is now firmly above it (+140kbd w/w). The same holds true for implied demand for jet fuel and fuel oil, despite w/w downticks, respectively down by 160kbd and 15kbd.

Source: EIA

Source: EIA

Source: TSA
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