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US gasoline stocks decrease to year-to-date low but distillate inventories rise

Oil

US gasoline stocks fell by 3.3M bbls w-o-w to a year-to-date low of 220.6M bbls in the week ending 22 May, according to the US Energy Information Administration. �However, stocks remain in the upper limit of the average range for this time of year. The decline was driven by falls of more than 1.8M bbls w-o-w in both the US East Coast and US Midwest to 60.5M bbls and 49.1M bbls respectively. Gasoline stocks in both these regions are now at their lowest since December 2014. In contrast, US distillate fuel stocks rose by 1.1M bbls from the previous week to 128.8M bbls, the highest since February. �