US Crude and Gasoline Stocks Decline as Refinery Use Falls

Strategic Insights -

US crude and gasoline stocks showed a downward trend for the week ended June 2, with domestic gasoline output decreasing due to reduced refinery use. Crude stocks fell 1.25 million barrels to 325.26 million barrels, while gasoline stocks decreased by 736,000 barrels to 208.74 million barrels. Refinery utilization declined to 95% of capacity, leading to a decrease in gasoline production, which fell by 63,000 barrels per day to 7.80 million barrels per day. In contrast, gasoline imports rose 253,000 barrels per day to 353,000 barrels per day, while crude imports increased by 725,000 barrels per day to 7.76 million barrels per day.

Key Takeaways:

  • Crude stocks decreased by 1.25 million barrels to 325.26 million barrels, with a year-over-year decline of 3.57 million barrels.
  • Gasoline stocks fell by 736,000 barrels to 208.74 million barrels, with a year-over-year decline of 8.03 million barrels.
  • Refinery utilization decreased to 95% of capacity, resulting in a 63,000 barrels per day reduction in gasoline production.
  • Gasoline output declined in all regions of the country except the Midwest, where production increased by 149,000 barrels per day.
  • The ratio of reformulated gasoline (RFG) to conventional gasoline production shifted further away from RFG, with conventional grade making up 77.44% of total output.
  • RFG imports increased by 50,000 barrels per day to 79,000 barrels per day, while overall gasoline imports rose 253,000 barrels per day to 353,000 barrels per day.
  • A four-week average of gasoline imports showed a decline of 97,000 barrels per day compared to previous year's averages.

Statistics:

  • 1.25 million barrels: decline in crude stocks for the week ended June 2.
  • 325.26 million barrels: current level of crude stocks.
  • 3.57 million barrels: year-over-year decline in crude stocks.
  • 736,000 barrels: decline in gasoline stocks for the week ended June 2.
  • 208.74 million barrels: current level of gasoline stocks.
  • 8.03 million barrels: year-over-year decline in gasoline stocks.
  • 95%: current level of refinery utilization.
  • 14.54 million barrels per day: crude runs to processing units.
  • 7.80 million barrels per day: domestic gasoline production.
  • 53.66%: proportion of gasoline in total domestic output.
  • 79,000 barrels per day: RFG imports.
  • 353,000 barrels per day: overall gasoline imports.
  • 348,000 barrels per day: four-week average of gasoline imports.
  • 97,000 barrels per day: decline in gasoline imports compared to previous year's averages.

Sources:

  • American Petroleum Institute (API) weekly inventory report
  • Energy Information Administration (EIA) weekly report