John Kemp's Weekly Energy Tweets -- July 13, 2016; Look At The Surge In US Gasoline Stocks, Especially On The East Coast

In our neighborhood in Grapevine, north Texas, west of DFW airport, the service station that sells gasoline at a price a bit higher than most others, was selling unleaded regular for $2.01/gallon yesterday. The data below suggests that gasoline in our neighborhood could easily go below $2.00 again. 

Note: on July 6, 2016, I asked, "where is all this gasoline going to go?" See data below. Gasoline stocks continue to grow and set new records.

I've been tracking this data for several years now, and these graphics are simply staggering. 

US crude imports slowed to 7.8 million bopd last week from 8.4 million bopd the prior week. This is well below what the US imported in the early 2000's and takes us back to about what we were importing in the mid- to late-1990's.

East Coast gasoline imports rose to 722,000 bopd last week compared with 634,000 bopd in same week last year. With stores of gasoline surging on the East Coast, I'm not sure what to make of this.

East Coast gasoline stock build still shows little or no sign of clearing.

East Coast gasoline stocks rose by 200,000 bbls to 72 million bbls and stocks are now 10 million bbls over the 2015 level.

US refinery throughput finally dropped below the 10-year high. Throughput was cut 140,000 bopd to 16.5 million bopd and 280,000 bopd below the 215 level.

US gasoline stocks are still above the 18 - 22 day range that I like to see. Adjusted for demand, stocks stood at almost 25 days of consumption, up form 23 in 2015 and above the 10-year average of 23.

US gasoline consumption averaged a seasonal record 9.7 million bopd over the last four weeks, up 160,000 bopd from 2015.

Midwest and Gulf gasoline stocks remain above the 10-year range and show no sign of reducing.

US gasoline stocks rose 1.2 million bbls to 240 million bbls last week and are now 22 million bbls over 2015:

US commercial crude oil stocks drew more slowly than 2015 and the 10-year average; year-over-year build is up from 58.6 to 60.3 million bbls.