EIA DATA: US gasoline stocks jump 5m bl on higher imports, domestic output

Quantum Commodity Intelligence - US gasoline inventories reached a fresh 11-month high last week as imports hit 1mn bpd and refinery runs topped 15mn bpd for the first time this year.

Gasoline inventories jumped 5mn barrels or 2.1% to 239.6 million barrels in the week to 3 February, the latest Energy Information Administration (EIA) data showed Wednesday, recording its biggest weekly build in two months.

The Gulf coast accounted for around half the build, up nearly 3% over the week to 87.7 million barrels, with an additional 3.5% in the Midwest. Gasoline stored in the Atlantic coast was up 1.2% to 61 million barrels.   

US gasoline stocks are still relatively tight, down 3.5% from the same time last year and around 5% below its five-year average for the week.

Stocks were pushed higher by an influx of gasoline arrivals, with imports nearly doubling on the week to a five-month high 989,000 bpd.

Imports outpaced 943,000 bpd of exports for the first time since last July, when demand is strongest in the middle of the peak summer driving season. .

The US has pulled available gasoline from Europe since late December, with premium summer-grade cargoes volumes moving on the route lately ahead of the seasonal switch that starts next month.

Transatlantic arbs have firmed accordingly, with RBOB-EBOB spreads jumping above $0.30/gal this month as underlying contracts shifted to March, from around $0.16/b at the end of January.

US output increased at the same time, with refinery runs above 15mn bpd for the first time since late December.

And gasoline demand fell, with implied US consumption down 0.7% over the week to 8.4mn bpd, nearly 8% below the same time last year.

Key stock figures (million barrels)

Commercial crude and product stocks: 1611 m barrels, +3.4 m barrels on week.

Commercial crude stocks: 455 m barrels, +2.4 m barrels on week.

Strategic crude stocks: 372 m barrels, 0.0 m barrels on week.

Gasoline stocks: 240 m barrels, +5.0 m barrels on week.

Middle distillate stocks: 121 m barrels, +2.9 m barrels on week.

Jet stocks: 36 m barrels, +0.3 m barrels on week.

Diesel stocks: 111 m barrels, +3.0 m barrels on week.

Residual fuel stocks: 33 m barrels, +1.4 m barrels on week.

Propane/propylene stocks: 69 m barrels, -4.3 m barrels on week.

Ethanol stocks: 24 m barrels, -0.0 m barrels on week.

Key demand figures (million barrels per day)

Total oil products: 20.5 million bpd, +0.43 million bpd on week.

Gasoline: 8.4 million bpd, -0.06 million bpd on week.

Jet: 1.5 million bpd, -0.04 million bpd on week.

Middle distillates: 3.8 million bpd, +0.07 million bpd on week.

Residual fuels: 0.1 million bpd, -0.2 million bpd on week.

Propane/propylene: 1.9 million bpd, +0.37 million bpd on week.

Key production and trade figures (million barrels per day)

Crude production: 12.3 million bpd, +0.1 million bpd on week.

Crude imports: 7.1 million bpd, -0.22 million bpd on week.

Crude exports: 2.9 million bpd, -0.59 million bpd on week.

Product imports: 3.0 million bpd, +0.96 million bpd on week.

Product exports: 6.3 million bpd, +0.48 million bpd on week.

Key refining figures (million barrels per day)

Net crude input into refineries: 15.4 million bpd, +0.45 million bpd on week.

Utilisation: 87.9%, +2.2% point on week.

Finished gasoline output: 8.9 million bpd, -0.11 million bpd on week.

Jet output: 1.7 million bpd, +0.01 million bpd on week.

Middle distillates output: 4.7 million bpd, -0.03 million bpd on week.

Diesel output: 4.5 million bpd, -0.01 million bpd on week.

Fuel oil output: 0.3 million bpd, -0.01 million bpd on week.