America Is Paying a Lot for Fuel, Not Running Out of Gasoline
America Is Paying a Lot for Fuel, Not Running Out of Gasoline Julianne Geiger is a veteran energy journalist and market analyst with more than a decade of experience covering the global oil and gas sector.
Social media is melting down and has apparently decided America is running out of fuel.
gasoline inventoriesrose 800,000barrels last week to 207.7 million barrels, according to the EIA.
Stocks are 5% below the five-year average for this time of year.
Tight, certainly, but hardly empty-tankish.
Refineries processed 17.3 million barrels per day last week and operated at 96.8% utilization.
Gasoline production increased to 9.6 million bpd.
Gasoline demand averaged 8.8 million bpd over the past four weeks, down 1% from a year ago.
That hasn’t stopped gasoline prices from rising.
AAA put regular gasoline at $4.44 per gallon Thursday, up 16 cents in a week and more than $1.20 from a year ago.
Diesel hit a fresh record at $6.40 per gallon.
Diesel inventories explain more of the anxiety.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
Comments
Post a Comment