The Oil Drum

This is more for the historic record than much else, although it is true that every picture tells a story, and with the impact evident in the gas prices, here is the current state of the gasoline stocks in the US, according to the EIA Wednesday. The timing of the curve should capture the measure of this season’s drop in volume.

Robert has already discussed this on his own site but since there was some discussion of these figures, I thought it useful to post them so that the more general audience could see them. So all I want to do is insert the relevant states of the various plots that we usually put up at frequent intervals. (Though I will also pause to point that the curve is now turning up, as Robert predicted it would on Tuesday). Perhaps the most relevant (in regard to us not worrying) is the state of the crude stocks, since with those available, then we can produce more gasoline as it now becomes more in demand. It may not, however, turn around fast enough to avoid an all-time high in gas prices.

It is the end of the first quarter and so I thought I would include in this post the graphs from the EIA showing the current state of stocks, in crude, gasoline and distillate.  This is more for historical reasons, since I gather that a number of us now glance at these as they come out every week.  However it does provide a snapshot of where we are at a time when the winter is over, and before the high demand of the summer driving season comes upon us.

The EIA in their summary comments have noted that the month will see a lot of refinery maintenance, and that this will reduce the stocks in gasoline, since demand will continue, while supply is reduced.  This, they suggest, may provide some additional pressure on prices over the month, despite a relatively even demand.