US total petroleum stocks grow as gasoline and crude inventory remain well supplied
US total petroleum stocks have grown to 1287mb (excluding SPR inventories). This level is well above the lows seen in 2022 and remains near the amounts observed in both 2021 and the 5y average. Mid-summer is the normal time for the highest level of stocks to be observed in the US in preparation for the summer driving season.
US gasoline stocks appear stable in the last few months. The current inventory level is near the 5y average and the levels of 2019. They appear neither oversupplied nor undersupplied at this point. Without unforeseen drastic changes in US domestic demand, gasoline prices would appear to be in for a stable price during the 2024 summer months.
US crude inventory has remained flat for the latest 2 months. This occurs at a time when US inventory is typically building. Stocks have likely been affected by above normal US crude refining demand to this point in 2024.