EIA: SPR Stocks Near 44-Year Low; Fuel Stocks Fall


   
Miguel E. Andujar
DTN Refined Fuels Market Reporter

   DAVENPORT, FL (DTN) -- U.S. Strategic Petroleum Reserve stocks declined 
further during the week ended August 21, remaining at their lowest level in 
nearly 44 years, while commercial crude oil inventories were virtually 
unchanged, according to Energy Information Administration data released 
Wednesday (8/26). Gasoline, distillate fuel and jet fuel inventories declined.

   Strategic Petroleum Reserve inventories fell by 3.7 million bbl to 289.7 
million bbl during the reference week, extending their decline after falling to 
their lowest level since December 1982 the previous week. The current inventory 
represents about 40.6% of the reserve's total 714 million bbl storage capacity. 
SPR inventories were 114.5 million bbl, or 28.3%, below the same week last 
year, EIA data showed.

   Commercial crude oil inventories increased by 100,000 bbl to 428.9 million 
bbl during the profiled week, essentially unchanged from the previous week, and 
were 10.6 million bbl, or 2.5%, above the same week last year. Crude oil 
imports averaged 6.158 million bpd, down by 435,000 bpd from the previous week. 
Over the last four weeks, crude imports averaged 6.572 million bpd, up 2.6% 
from the same period last year. Crude oil exports averaged 3.792 million bpd 
last week, down from 4.066 million bpd the previous week and below the 3.810 
million bpd reported during the comparable week last year.

   Total motor gasoline inventories fell by 2.5 million bbl to 206.8 million 
bbl during the week profiled and were 15.5 million bbl, or 7%, below the same 
week last year. Gasoline imports averaged 565,000 bpd compared with 366,000 bpd 
the previous week and 767,000 bpd during the comparable week last year. 
Gasoline exports averaged 890,000 bpd versus 852,000 bpd the previous week and 
714,000 bpd during the comparable week last year.

   Distillate fuel inventories fell by 2.2 million bbl to 103.4 million bbl 
during the reference week and were 10.9 million bbl, or 9.5%, below the same 
week last year. Distillate imports averaged 176,000 bpd compared with 109,000 
bpd the previous week and 141,000 bpd during the comparable week last year. 
Distillate exports averaged 1.790 million bpd versus 1.601 million bpd the 
previous week and 1.473 million bpd during the comparable week last year.

   Jet fuel inventories fell by 500,000 bbl to 45.7 million bbl last week but 
remained 2.1 million bbl, or 4.8%, above the same week last year. Jet fuel 
imports averaged 28,000 bpd compared with 89,000 bpd the previous week and 
85,000 bpd during the comparable week last year. Jet fuel exports averaged 
359,000 bpd versus 372,000 bpd the previous week and 111,000 bpd during the 
comparable week last year.

   Refinery utilization increased to 97.4% of operable capacity last week from 
97.2% the previous week. Crude oil inputs into refineries averaged 17.393 
million bpd, essentially unchanged from 17.395 million bpd the previous week, 
EIA data showed.

    




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