U.S. inventories of the most used crude oil and refined petroleum products have now fallen below 2018 levels, according to energy research service HFI Research. underline.
According to data compiled by HFI Research, U.S. inventories of the so-called Big Four (crude oil, gasoline, distillate and jet fuel) are combined, below 2018 levels, according to data compiled by HFI Research.
Low inventories of crude and fuels are one of the main reasons gasoline prices do not fall after the end of the busiest driving season.
Source: HFI Research
In the latest weekly inventory report, the EIA on Wednesday estimated a drawdown of 6.4 million barrels from crude oil inventories and another drawdown from fuel inventories. For the week through September 10, the EIA reported a further decline in gasoline inventories, to 1.9 million. Stocks of middle distillates fell 1.7 million barrels in the week to September 10, compared to 3.1 million barrels the week before.
“At 417.4 million barrels, US crude oil inventories are about 7% below the five-year average for this time of year. Total motor gasoline inventories fell 1.9 million barrels last week and are about 4% below the five-year average for this time of year, ”the EIA said.
Since Monday, the national average of one gallon of regular gasoline has risen two cents to $ 3.19, matching early August peaks and tying a 7-year high, AAA said Thursday. Much of the increase is due to the impacts of Hurricanes Ida and Nicholas on crude oil and refinery production.
Prices have increased despite estimates showing that demand for gasoline in the United States is weakening.
Between Sunday and Wednesday, US gasoline demand was at its lowest since the week of June 6, Patrick De Haan, head of oil analyzes for GasBuddy, tweeted Thursday.
By Tsvetana Paraskova for OilUSD
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