Economy

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.



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