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US EIA says US Gulf Coast gasoline stocks build as refining holds above historic norms

Houston — Stocks of gasoline on the US Gulf Coast rose in the week ended August 17 amid weaker national demand and strong regional refinery runs, US Energy Information Administration data showed Wednesday.

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USGC gasoline inventories rose 1.338 million barrels to reach 81.493 million barrels, their highest level since the week ended July 6.

Implied US gasoline demand, measured as product supplied, fell last week, supporting the build in stocks. US gasoline supplied fell 59,000 b/d to reach 9.453 million b/d.

At the same time, the USGC refining complex, which is home to more than half of US throughput capacity, remained elevated above seasonally typical levels last week.

After hitting an all-time high in the week ended August 10, gross inputs into USGC refineries were reported at 9.708 million b/d for the week ended August 17, the second-highest level since the EIA started publishing this figure in January 1990.

By this measure, USGC refining activity last week was more than 44% above levels from the year-ago week in 2017.

Earlier in the summer, the EIA said the entire US refining complex was likely to break records for output in 2018, in part because of strong USGC production.

In the week ended August 17, USGC production of finished motor gasoline was reported at 2.181 million b/d, down 90,000 b/d from the prior week. US production totaled 10.059 million b/d, down 217,000 b/d week on week.

In Wednesday's data, the four-week moving average for USGC refinery input was reported at 9.543 million b/d, which is the highest that figure has ever been since the data was first recorded in 1990.

--Seth Clare, seth.clare@spglobal.com

--Edited by Jennifer Pedrick, jennifer.pedrick@spglobal.com