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The Gasoline Glut Is Almost Gone

Gasoline

Friday July 21, 2016

In the latest edition of the Numbers Report, we’ll take a look at some of the most interesting figures put out this week in the energy sector. Each week we’ll dig into some data and provide a bit of explanation on what drives the numbers.

Let’s take a look.

1. Gasoline inventories back in long-run average

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- U.S. gasoline stocks spiked in early 2016, one factor that led to the precipitous decline in prices.
- Stocks have remained mostly elevated since then, but more recently, strong drawdowns have erased the excess.
- Over the past three weeks, gasoline stocks have plunged by nearly 10 million barrels, putting current stocks not just back into the five-year average, but close to the 10-year average.
- Gasoline inventories now stand at roughly 231 million barrels, or about 24 days’ worth of supply.
- Much of the recent drawdowns can be attributed to a surge in exports to Latin America, while imports have also dipped.
- Combined with the recent drawdown in crude oil inventories, the more balanced gasoline supply situation is creating a sense of a tightening market. It is no coincidence that Brent hit $50 per barrel on Thursday for the first time since early June.

2. Clean energy performing better than coal and even S&P

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- The WilderHill Clean Energy Index, an index of 40 publicly-traded solar and wind companies,…

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