Gulf Gasoline Falls as Refiners Boost Rates and Stocks Advance
Gasoline weakened on the Gulf Coast as refiners increased rates and inventories rose to the highest level since September 2011.
Gasoline inventories on the Gulf Coast, or PADD 3 region, rose 2.47 million barrels last week to 77.3 million, the highest level since September 2011, according to Energy Department data. PADD 3 refiners used 95.2 percent of capacity, higher than the national average of 90.6 percent.
“This is tied to refinery utilization being up,” said Lewis Adam, president of ADMO Energy LLC, a supply consultant in Kansas City, Missouri. “They’re running them hard. And gasoline doesn’t have anyplace to go from the Gulf. It’s just not the season for gasoline.”
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