Daily Energy Report

US gasoline inventory, US LNG permit reaction, Saudis to offer additional Aramco shares, India’s Iraq imports, Oil & geopolitics, Red Sea, Gas-fired power boom, Canada’s TMX impact on US, and more.

Chart of the Day: US Gasoline Inventories Continue to Bud Along Historical Trends 

Summary

While the recent increases in gasoline inventories were spectacular, they followed historical trends as shown in Figure (1) above. The Figure shows trends in gasoline inventories in recent years and includes the build of 1.2 mb that was reported earlier today.  

The EIA reported a build in crude inventories by 1.2 mb to 421.9 mb. It reported a decline in distillates by 2.5 mb to 130.8 mb. Crude imports were virtually flat while exports declined by 0.540 mb/d to 3.894 mb. Refinery utilization declined from 85.5% to 82.9%.

EOA’s Main Takeaway