Total gasoline stocks along the US Gulf Coast surged in the week ended June 1, Energy Information Administration data showed Wednesday.
USGC gasoline stocks added over 3 million barrels week on week to reach nearly 82 million barrels, about 1.4% above their levels in the corresponding week of 2017.
Blendstock storage levels in the Gulf Coast region saw modest movements, with RBOB stocks climbing 299,000 barrels on the week while CBOB inventories fell by 992,000 barrels.
But conventional gasoline inventories rose 1.308 million barrels, boosting total levels. A 2.5 million barrel jump in stocks of non-RBOB and non-CBOB gasoline blending components also boosted total gasoline levels on the Gulf Coast.
The build on the Gulf Coast reflected higher total gasoline stocks across the US, which rose by more than 4.6 million barrels. Though higher on the week, total US gasoline inventories were down 1.3 million barrels from the year ago week.
Some of the increase may have been attributable to a fall in weekly gasoline exports, as the Gulf Coast is the primary origin for gasoline exports from the US.
Total US gasoline exports averaged 538,000 b/d, down from 656,000 b/d the previous week.
US gasoline demand, as represented by product supplied, tumbled on the week to just under 9 million b/d from 9.7 million b/d the previous week. The lower demand came despite the Memorial Day holiday weekend falling during the reporting week.
Subtropical Storm Alberto`s landfall on the Florida panhandle on Memorial Day lowered driving demand on one of the key driving weekends of the year, sources had said.
This article provided by NewsEdge.