Mexican gasoline stocks rose by 5pc in late May
In May 2018 — when no weekly records were available — gasoline inventory levels were 7mn bl.
Yet the most recent total is down from 9.9mn bl in the week ended 10 May, the highest since weekly records began in July 2018.
Stocks have almost doubled from 5.6mn bl in the first week of the year, according to the latest preliminary data from the energy ministry (Sener). This figure includes fuels in storage at ports, inland terminals and refineries.
The government attributes the recent stock builds to its anti-fuel theft campaign that has cut volumes of stolen gasoline and diesel from 80,000 b/d in 2018 to 4,000 b/d in April, according to Pemex and government figures. Pemex said it committed fuel recovered by the anti-theft campaign to storage.
The rise in stocks in the week ended 31 May happened despite a decrease in gasoline production and imports and a rise in demand.
Sener reported 200,000 b/d of gasoline production in the same week, a decrease from the 236,000 b/d produced in the week ended 24 May. The ministry also reported imports dropped to 392,000 b/d from 551,000 b/d a week earlier, while demand increased to 818,000 b/d from 789,000 b/d.
Diesel inventory levels remained almost flat at 5mn bl in the week ended 31 May. In May 2018 diesel levels were at 3.4mn bl.
Jet fuel inventory levels also decreased in the week ended 31 May by 9pc from the previous week to 1.25mn bl. In May 2018, jet fuel inventories were at 1.2mn bl.
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