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CEC: California Mandated Supply Extended Lower Last Week
6/21 7:40 AM
CEC: California Mandated Supply Extended Lower Last Week OAKHURST, N.J. (DTN) --- The California Energy Commission's latest Weekly Fuels Report showed supply of the state mandated reformulated gasoline declined for a third straight week during the week-ended June 15 as production continued to seesaw. CEC reported CARB RFG production dropped 370,000 bbl or 5.2% to 6.802 million bbl last week, which was 2.5% higher than the year prior. Output of gasoline for export out-of-state continued lower, down 43,000 bbl to 1.040 million bbl on the week, 27.5% higher than the same week in 2017. CARB RFG inventories fell for the third week, down 328,000 bbl to 6.301 million bbl but still a better than 21% year-over-year supply surplus. Stocks of gasoline for export out-of-state fell 232,000 bbl to 1.302 million bbl, 6.9% higher than the same week in 2017. The agency reported gasoline blending components supply declined 56,000 bbl to 5.859 million bbl during the week-ended June 15, 5.5% lower than a year ago. CARB ULSD output continued lower, down 260,000 bbl to 1.709 million bbl last week and marginally below a year ago. Output of ULSD for export out-of-state rose 47,000 bbl to 760,000 bbl. Data showed CARB ULSD stocks continued to seesaw, erasing more than half of the prior week gain with a drop of 281,000 bbl to 2.269 million bbl. Stocks are 15,000 bbl lower than the same time in 2017. Supply of ULSD for export out-of-state fell 182,000 bbl to 1.134 million bbl. State refiners ramped up jet fuel production 317,000 bpd on the week to 2.407 million bbl and inventory rose 441,000 bbl to 3.615 million bbl. Crude inputs at state refineries continued lower, down 356,000 bbl last week to 12.529 million bbl but 12.8% higher than a year ago. Crude inventory was again lower, falling 1.471 million bbl to 14.718 million bbl. Crude stocks for the week reviewed were down more than 6% versus the same week in 2017. (c) 2018 DTN. All rights reserved.