US Gasoline Inventories' Largest Weekly Drop in 27 Years

US Gasoline Inventories' Largest Weekly Drop in 27 Years”

Gasoline inventories, according to the EIA fell last week, by 8.4 million barrels, generally in tune with API's estimate of a 7.896-million-barrel decline-and the largest gasoline draw on record.

Additionally, approximately 50 percent of total USA working crude oil storage capacity and more than 40 percent of working storage capacity for both motor gasoline and diesel fuel is located in the gulf region.

Crude oil futures were flat Friday, holding strong weekly gains after industry data showed the USA oil rig count dropped for a second week post-hurricanes.

Elsewhere, fell 0.59% to $1.6347 a gallon and added 0.23%, to $3.064 per million British thermal units.

A day earlier the American Petroleum Institute had estimated crude oil inventories had risen for the second week in a row, by a hefty 6.18 million barrels, which was only to be expected as the market is prepared for the Hurricane Harvey effects on Gulf Coast refining to linger for another few weeks.

A market survey estimated that U.S. gasoline inventories might have fallen by 2 MMbbls from September 1 to 8.

Higher crude oil (DIG)(DBO)(OIH) prices benefit oil and gas producers such as Northern Oil & Gas (NOG), Cobalt International Energy (CIE), and Apache (APA). This compares with daily runs of 14.5 million bpd and gasoline production of 9.5 million bpd a week earlier. Production rose 3.9% week-over-week but fell 12,000 bpd, or 0.12%, year-over-year.

Baker Hughes reported the number of active US rigs slipped by 8 to 936, as refineries hit by Hurricane Harvey also went offline.

U.S. gasoline demand rose by 456,000 bpd to 9.6 MMbpd from September 1 to 8.

Effects of the storm also caused a notable rise in gasoline prices, increasing by an average of 28 cents per gallon to a total of $2.68 per gallon on September 4.

Like this



18 September 2017
Iran to react any U.S. "wrong" move on JCPOA
And he suggested any move to decertify Iran's compliance or withdraw from the deal will not go unanswered. Rouhani described the Americans as "sitting in another room" at the party.

18 September 2017
"Harmless drudge" Samuel Johnson remembered on his birth anniversary
Son of a bookseller, Johnson published " A Dictionary of the English Language " in 1755 after nine years of work. Johnson's dictionary was 18-inches tall. "His lasting contributions guaranteed him a place in literary history".

18 September 2017
Gmail for Android update gives you Google Account settings access
He claims that he is shocked that Google has not sent him any notification regarding the same before deleting the backup. The miffed Redittor revealed that he had parted ways with his Nexus 6P to switch to a new iPhone.

18 September 2017
Florida Governor Imposes New Rules After Nursing Home Deaths
They found three people dead and evacuated 145 people to hospitals, many on stretchers or in wheelchairs, authorities said. Rick Scott, a two-term Republican, would run for the Senate, where Democrat Bill Nelson is up for re-election next year.

18 September 2017
Qatar announces surprise deal to buy 24 Typhoons from the UK
Qatar and Britain yesterday signed a Letter of Intent to purchase 24 modern Typhoon aircraft with all their equipment. The meeting also discussed the most important regional issues.

18 September 2017
Customs looks to amend laws to tax foreign digital service providers
Subromaniam also shared that some of the GST laws, in particular those pertaining to digital service providers, are now being amended.

18 September 2017
Iranian leader warned Washington against any 'wrong move' on nuclear deal
USA and European officials will in coming weeks consider means of increasing pressure on Iran for its missile tests, its backing for terrorism and its military adventurism.

18 September 2017
Qld rejects plans for Year 1 student to face new tests
The literacy test would include a strong focus on phonics, or the "sounding out" of words. Such a focus would help identify children with dyslexia, Senator Birmingham said.

18 September 2017
Makhura to intervene in Uber, taxi violence
A special task force will also be established to tackle violence between metered taxis and tech companies like Uber and Taxify . All operators of public transport operators should comply, this is in an effort to clamp down on illegal operators, he said.

18 September 2017
Hardik Pandya foes from 'ping pong' to 'boom boom' against Australia
Hardik Pandya scored 3 sixes and a boundary of Adam Zampa's single over before hitting a six and getting out in his next over. Australia will now have to get their act together in the next rubber at the Eden Gardens in Kolkata on Thursday.