by Steve St. Angelo
In just two short weeks, U.S. gasoline product supplied to the market fell 32%. The last time weekly gasoline supplies were at this level was more than 30 years ago. Unfortunately, the continued lockdown of a large part of the country will negatively impact the gasoline supply market for the next several months.
When the EIA, U.S. Energy Information Agency releases its weekly supply data over the next few weeks, I believe the motor gasoline supplied to the market will decline significantly. According to the EIA, finished motor gasoline product supplies fell to 6.6 million barrels per day (mbd) on March 27th versus 9.7 mbd reported on March 13th: