US commercial crude and gasoline inventory remain slightly elevated to 2023
US commercial crude and gasoline inventory are now approximately 2% and 5% above 2023 levels, respectively. Crude inventory is now at 460md, while US gasoline stocks are at 234mb. In a typical year, both would decrease from these levels throughout the rest of the summer/fall period. Crude reaching lows in late September and gasoline reaching lows in early November.
Both crude and gasoline inventory do remain near 5-year averages, so while high compared to 2023, they are not extreme levels. The spike in US crude refining in late May is now showing its effects on the levels of both components.