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US Crude Supplies and OPEC's Exports Pressure Oil Prices

PART:
1 2 3 4 5
Part 4
US Crude Supplies and OPEC's Exports Pressure Oil Prices PART 4 OF 5

US Gasoline Inventories and Demand Impact Crude Oil

US gasoline inventories

The EIA (U.S. Energy Information Administration) released its weekly crude oil and gasoline inventory report on July 6, 2017. It reported that US gasoline inventories fell by 3.6 MMbbls (million barrels) or 1.5% to 237.3 MMbbls on June 23–30, 2017. Inventories also fell 0.6% from the same period in 2016.

A market survey estimated that US gasoline inventories could have fallen by 1.1 MMbbls on June 23–30, 2017. US gasoline and crude oil (IXC) (IYE) (FXN) prices rose on July 6, 2017, due to the massive fall in US gasoline inventories. Moves in gasoline and crude prices impact oil producers and refiners like Tesoro (TSO), Valero (VLO), W&T Offshore (WTI), and Contango Oil & Gas (MCF).

API’s gasoline inventories

On July 5, 2017, the API (American Petroleum Institute) released its weekly crude oil inventory report. It estimated that gasoline inventories fell by 5.7 MMbbls on June 23–30, 2017.

US Gasoline Inventories and Demand Impact Crude Oil

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US gasoline production and demand

The EIA estimates that weekly US gasoline production rose by 31,000 bpd (barrels per day) or 0.3% to 10,365,000 bpd on June 23–30, 2017. US gasoline production also rose 3.5% from the same period in 2016.

US gasoline demand rose by 167,000 bpd (barrels per day) or 1.7% to 9,705,000 bpd on June 23–30, 2017. However, gasoline demand fell 0.5% from the same period in 2016.

Impact of gasoline inventories 

US gasoline inventories are 6% higher than their seasonal averages. The expectation of record gasoline demand this summer could benefit gasoline prices. As a result, it could support crude oil prices.

In the next part of this series, we’ll take a look at US distillate inventories last week.

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