EIA: US Crude Stocks Jump 8.5M Bbl; Distillates Slide


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- U.S. commercial crude oil stocks surged last week, 
reversing the tumble recorded in the prior week when production was partially 
gutted by Winter Storm Fern, Energy Information Administration (EIA) data 
showed Wednesday (2/11).

   Gasoline balances also rose during the week to February 6 while distillate 
inventories fell, the EIA said in its Weekly Petroleum Status Report.

   Commercial crude stocks rose by 8.5 million bbl to 428.8 million, after the 
previous week's drop of 3.5 million that came on the back of production outages 
in the Permian estimated at approximately 2 million bpd by analysts.

   The crude build for the profiled week was accompanied by a 1.071 million bbl 
rise at the Cushing, Oklahoma delivery point for NYMEX West Texas Intermediate 
futures. In the prior week, Cushing inventories saw an 800,000 bbl drop.

   Total motor gasoline inventories increased by 1.2 million bbl to 259.1 
million, adding to the prior week's rise of 700,000. It marked the 13th 
straight week of gasoline stock builds in a season where consumption is 
typically lower versus supply amid winter conditions that reduce driving.

   Blending components climbed by 1.4 million bbl to 242.8 million, after a 
prior weekly addition of 80,000. Conventional gasoline stocks slid by 200,000 
bbl to 16.2 million, extending the previous 100,000-bbl decline.

   Distillate fuel oil inventories declined by 2.7 million bbl to 124.7 
million, after the previous week's increase of 300,000 bbl.

   Refinery utilization slipped to 89.4% of operable capacity, from a prior 
90.5%. Crude oil inputs into refineries averaged 16 million bpd, versus the 
previous week's 16.03 million.

   Crude oil exports averaged 3.74 million bpd, down 310,000 from the previous 
week, while crude imports rose by 604,000 bpd to 6.81 million.

   Total products supplied over the last four weeks averaged 20.827 million 
bpd, up 2.4% from the same period a year earlier. Gasoline demand last week 
averaged 8.261 million bpd, down 0.7% from the same period last year, while 
distillate demand averaged 4.1 million bpd, down by 3.2% from the same period 
last year.

    

    




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