EIA: Exports Pull Gasoline Stocks to Seasonal Lows


   
Karim Bastati
DTN Analyst

   VIENNA (DTN) -- Total motor gasoline inventories in the United States 
recorded the fifth consecutive draw in the week ending October 31, shrinking by 
4.7 million bbl to 206 million bbl. Nationwide gasoline inventories are now 
2.5% below year-ago levels and 3.6% below the three-year seasonal average, 
Energy Information Administration data revealed Wednesday.

   Domestic gasoline inventories have ranked above seasonal averages for most 
of the year, but have in the past few weeks experienced a precipitous decline 
to below both year-ago levels and long-term averages. While draws are normal 
for this time of year -- gasoline inventories typically trough in early 
November, the magnitude of stock draws throughout October was unusual, 
particularly considering stagnant demand growth. EIA data revealed that 
exports, not domestic demand, were rapidly whittling down inventories.

   In fact, U.S. gasoline exports were over the past four weeks up more than 
20% year-on-year. At 1.042 million bpd, they were running 178,000 bpd above the 
pace in the same period last year, reaching a record 1.212 million bpd in the 
week ending October 17, the highest weekly figure in more than seven years, and 
the third highest on record. Exports were in line with seasonally normal levels 
throughout August and September, before shooting up to more than 14% above the 
three-year average in October.

   Domestic demand for gasoline, meanwhile, continued to trail year-ago levels. 
On the four-week average, finished motor gasoline supplied -- a proxy for 
demand -- was down 2.1% year-on-year. On the cumulative daily average, gasoline 
supplied lagged 2024 levels by 0.9%.

    

    




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