EIA Digest: US gasoline stocks hit year-to-date low as refiners tilt output towards middle distillates
US crude stocks draw by 1.7Mb on higher refinery intake, while refiners continue to shun gasoline output, pushing stocks to a fresh year-to-date low while gasoil/diesel, jet/kero, and fuel oil inventories build.
Market & Trading Calls:
- Crude stocks were down by 1.7Mb w/w, settling some 12.5Mb below the 5-year range
- Crude intake was up by +100kbd w/w, trending some 200kbd above the multi-year range
- Gasoline stocks shed 1.5Mb w/w, reaching a new year-to-date low, falling 8Mb below the 5-year range
US crude stocks were down by 1.7Mb in today’s weekly EIA data release, trending some 12.5Mb below the 5-year range. At the same time, nationwide crude intake added 100kbd over the week ending 10 July (+200kbd vs the multi-year range).
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