Multi-week downward pressure on gasoline stocks
The gasoline inventory decline last week was a continuation of the recent downward trend in ARA gasoline storage, with stocks down a total of 369,000 MT since the week ending September 1. The consecutive draws moved gasoline storage levels to the lowest point since Genscape began monitoring the product.
Following the decreases the week of September 15, gasoline storage levels lowered to 1.108mn MT, and gasoline component stocks dropped to 411,000 MT.
New York Harbor gasoline stocks have decreased 3.002mn bbls since the week ending August 18. The continuous gasoline draws in the NYH area have moved storage levels to the lowest point since December 2014.
Trans-Atlantic gasoline transfers match draw on stocks
To date, much progress has been made since Hurricane Harvey to restore operations back to normal in the Texas Gulf Coast region. Following refinery restarts and a slowdown of exports from Europe, ARA gasoline inventory draws are likely to persist in the immediate future, however it is unlikely that they will continue at the substantial size seen in the most recent week.
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