Crude Sees Another Build in Todays EIA Report.
- Crude Inventories 🔺up 7.6M
- Gasoline 🔽 down 1.9M
- Distillates 🔺up 2.7M
- Ethanol 🔽up 11M
- SBR ⛔ No Change
The U.S. Energy Information Administration (EIA) report a crude oil inventory build of 7.6 million barrels for the week to February 17, causing crude oil prices to fall today. Although the previous week had seen a larger build of 16.3 million barrels, that build was the result of data adjustment rather than an actual accumulation of crude in storage. As a result, the market largely shrugged off the comparison. U.S. crude oil inventories currently stand at 479 million barrels, which is above the five-year average for this time of year. Meanwhile, the EIA estimated a decline in gasoline inventories of 1.9 million barrels for the same week, with daily production averaging 9.4 million barrels.
In the second half of 2022 and in 2023, over a dozen U.S. states raised gasoline taxes and ended their fuel-tax holidays, which were introduced in 2022 to reduce retail prices of gasoline.
According to the U.S. Energy Information Administration (EIA), gasoline and diesel taxes, applied at the wholesale level, were increased in 13 states between July 2022 and January 1st, 2023.
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