According to the Energy Information Administration’s (EIA) latest Weekly Petroleum Status Report, nationwide gasoline stocks have grown in each of the past five weeks – a new trend for 2017. Over this time period, gasoline stocks increased by roughly 17 million bbl in total. For the latest reporting period, stocks across the country grew by an eye-popping 5.7 million bbl, which ranks as one of the highest one-week stock builds of the year. Stock growth has been fueled by increased gasoline production, which averaged 10.1 million b/d last week, while refineries have been operating above 90% capacity for the fifth consecutive week. Low demand and steady stock growth have helped to push the national average for regular unleaded gasoline down to today’s price of $2.45, dropping a penny so far this week and 11 cents over the past month.
Gasoline Stocks Sky Rocket