Diesel fuel reserves in the U.S. have decreased to 104.8 million barrels, reaching their lowest level since August 28. This decline is due to increased global demand and rising exports in the week ending October 9. This 33,000-barrel drop marks the fifth consecutive weekly decrease and shows reserves are 9.8% lower than the five-year seasonal average.
Diesel Fuel Export and Import Status
Last week, diesel fuel imports fell to 118,000 barrels per day, while exports rose by 260,000 barrels to 1.79 million barrels per day. Overall, this month, diesel and gasoil exports have averaged 1.9 million barrels per day, showing a significant increase compared to 1.4 million barrels per day in September.
Gasoline Reserves and Refining Margins Status
Gasoline reserves have also decreased to 204.1 million barrels, which is a reduction of 680,000 barrels, bringing the shortfall compared to the five-year seasonal average to 5.6%. Additionally, the utilization rate of refineries appears to have increased by 0.15% to 92.9%.
Refining margins for oil in the U.S. remain strong. The crack spread for West Texas Intermediate (WTI) crude oil in the Gulf Coast averaged $54.61 per barrel for the week ending October 9, showing a significant increase compared to $50.13 per barrel in September. Furthermore, diesel fuel margins also exceeded the average of $101.03 in September, reaching $104.45 last week.
Overall, U.S. crude oil reserves have decreased to 421.6 million barrels, which is nearly equal to the five-year average from the U.S. Energy Information Administration. This situation reflects major changes in the energy market and their impacts on reserves and refining margins in the U.S.
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