US gasoline stocks jump to five-month high
Total US motor gasoline stocks rose by 10.1M bbls (or 4.5%) w-o-w to 232.8M bbls during the week ending 31 December, the highest level since July 2021, the US Energy Information Administration (EIA) reports. This increase was largely driven by inventories on the East Coast which jumped by 5M bbls w-o-w to 63.2M bbls. Despite surging to a five-month high, total US gasoline stocks still remain down by 8.3M bbls (or 3.4%) y-o-y however. Commercial crude oil stocks declined by 2.1M bbls w-o-w and 67.6M bbls y-o-y to a fifteen-week low of 417.9M bbls, which is around 8% below the five-year average for this time of year. Crude oil imports fell by 880K b/d w-o-w to 5.88M b/d, while exports also decreased by 380K b/d w-o-w to 2.55M b/d. Refinery throughputs increased by 160K b/d w-o-w to average 15.87M b/d, as refineries utilised an average 89.8% of their operable capacity.