US gasoline stocks fall to eighteen-week low
Total US gasoline stocks declined by 2.2M bbls w-o-w and 7.2M bbls y-o-y to 228.6M bbls during the week ending 29 April, falling for the fifth consecutive week to the lowest level since December, according to the US Energy Information Administration (EIA). Inventories on the Gulf Coast fell by 2.1M bbls w-o-w to 87.2M bbls, whereas supplies on the East Coast rose by 1.6M bbls w-o-w to 52.3M bbls. Commercial crude oil stocks increased by 1.3M bbls w-o-w to a three-week high of 415.7M bbls, however this remains down by 69.4M bbls (or 14.3%) y-o-y. Crude oil exports decreased by 150K b/d w-o-w to 3.57M b/d, whereas imports increased by 400K b/d w-o-w to 6.33M b/d, a six-week high.