EIA: PADD 2 Gasoline Stocks Rise for Third Straight Week


   
Miguel E. Andujar
DTN Refined Fuels Market Reporter

   DAVENPORT, FL (DTN) -- Midwest (PADD 2) inventories for gasoline and jet 
fuel increased in the week ending December 19, while distillate fuel stocks 
declined and crude oil inventories edged slightly higher, U.S. Energy 
Information Administration data released Monday (12/29) showed. The weekly 
petroleum status report was published later than usual due to the Christmas 
holiday.

   PADD 2 gasoline stocks rose by 600,000 bbl to 49.4 million bbl in the 
reference week, compared with 47.7 million bbl in the same week of the prior 
year. This marked the third consecutive weekly increase in Midwest gasoline 
inventories.

   Motor gasoline blending component stocks also increased, climbing by 200,000 
bbl to 44.8 million, above the 44.1 million held a year earlier. The sustained 
builds have further improved near-term supply coverage across the Midwest, 
keeping gasoline inventories modestly above levels from a year earlier and 
reinforcing a more comfortable supply backdrop following earlier seasonal 
tightness.

   That inventory trend has pressured prices, with Midwest (PADD 2) retail 
gasoline averaging $2.605 gallon last week, down by 8.5cts on the week and 
standing 33cts below the same period a year earlier.

   Regional distillate fuel oil inventories declined by 200,000 bbl to 25.9 
million bbl, slipping further below the 27.2 million bbl reported in the same 
week last year. The region held 25.2 million bbl of ultra-low sulfur diesel, 
unchanged from the prior week but lower than the 26.4 million registered a year 
earlier.

   The changes underscore a tighter stock position in Midwest distillates as 
winter demand remains elevated across northern markets. Even as inventories 
remained comparatively tight, diesel prices moved sharply lower on the week, 
with Midwest (PADD 2) retail diesel falling by 8.4cts to $3.483 gallon in the 
week ended Dec. 22. Despite the decline, Midwest diesel prices remained 3.4cts 
higher than the same week last year.

   Jet fuel inventories in PADD 2 increased by 200,000 bbl to 8.1 million, 
compared with 7.3 million in the same week of the prior year. The build in 
Midwest jet fuel stocks comes amid improving inventory coverage following 
earlier seasonal draws.

   Crude oil inventories in PADD 2 rose by 2.2 million bbl to 104.3 million bbl 
and remained near recent ranges, compared with 103.9 million bbl in the same 
week last year.

   PADD 2 crude imports rose by 33,000 bpd to 3.124 million on the week and 
were above the 2.772 million bpd in the same week of the prior year.




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