EIA: US Crude Down 3.4M Bbl; Refined Products Mixed


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- U.S. commercial crude oil stocks plummeted last week, 
declining for a second consecutive week as distillate balances tumbled too 
while gasoline inventories rose, the Energy Information Administration (EIA) 
reported Wednesday (2/4).

   Commercial crude stocks dropped by 3.5 million bbl to 420.3 million during 
the week ended January 30, adding to the prior week's decline of 2.3 million, 
the EIA said in its Weekly Petroleum Status Report.

   U.S. crude inventories were also down 3.5 million bbl on the year, according 
to the report, which pointed to a 0.8% drop from the same week a year earlier.

   The crude inventory decline for the week ended January 30 was in the 
aftermath of Winter Storm Fern, which led to production outages of 
approximately 2 million bpd in the Permian Basin in Texas and New Mexico, 
according to analysts.

   The draw for the profiled week was accompanied by an 800,000-bbl drop at the 
Cushing, Oklahoma delivery point for NYMEX West Texas Intermediate futures. In 
the prior week, Cushing inventories saw a 300,000 bbl decline.

   Distillate fuel oil inventories tumbled by 5.5 million bbl to 127.4 million, 
after the previous week's increase of 300,000 bbl.

   Total motor gasoline inventories increased by 700,000 bbl to 257.9 milllion, 
adding to the prior week's rise of 200,000. It marked the 12th 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 80,000 bbl to 241.1 million, versus the prior 
drop of 100,000, while conventional gasoline stocks fell by 100,000 bbl to 16.5 
million.

   Refinery utilization slipped to 90.5% of operable capacity, from a prior 
90.9%.  Crude oil inputs into refineries averaged 16 million bpd, versus the 
previous week's 16.2 million.

   Crude oil exports averaged 4.047 million bpd, down by 542,000 bpd from the 
previous week, while crude imports rose by 559,000 bpd to 6.201 million bpd.

   Total products supplied over the last four weeks averaged 20.802 million 
bpd, down by 0.9% from the same period a year earlier. Gasoline demand last 
week averaged 8.262 million bpd, remaining essentially flat compared to a year 
earlier, while distillate demand averaged 4 million bpd, down by 6% from the 
same period last year.

    




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