August 31, 2022

Fuel stocks fell again last week as demand weakened

Posted By: Editor 0 Comment

Business // Energy

Aug. 31, 2022

Consumers are buying less gasoline than in years past, but declining demand isn’t doing much to help U.S. stockpiles.

Mark Mulligan, Houston Chronicle / Staff photographer

Consumers are buying less gasoline than in years past, but declining demand isn’t doing much to help U.S. stockpiles.

Gasoline demand is down around 6 percent compared to the same four-week period last year, according to Energy Department data released Wednesday. Demand for diesel and other distillates is down 9 percent.

Oil inventories fell 1 percent to 418 million barrels last week from 422 million barrels the week before, leaving stockpiles around 6 percent below normal for this time of year.

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Gasoline inventories fell 1.2 million barrels to 214.5 million barrels — 7 percent below the seasonal norm. Inventories of diesel and other distillates were flat, leaving stockpiles around 23 percent below normal.

amanda.drane@chron.com

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