EIA: SPR Stocks Near 44-Year Low; Crude Stocks Rise


   
Miguel E. Andujar
DTN Refined Fuels Market Reporter

   DAVENPORT, FL (DTN) -- U.S. commercial crude oil inventories increased 
during the week ended August 14, while Strategic Petroleum Reserve stocks fell 
to their lowest level since December 1982, according to Energy Information 
Administration data released Wednesday (8/19). Gasoline and jet fuel 
inventories increased, while distillate fuel stocks declined.

   Strategic Petroleum Reserve inventories fell by 5.3 million bbl to 293.4 
million bbl during the reference week, the lowest level since the week ended 
December 24, 1982, when stocks stood at 293.2 million bbl. The current 
inventory represents about 41.1% of the reserve's total 714 million bbl storage 
capacity. SPR inventories were 110 million bbl, or 27.3%, below the same week 
last year, EIA data showed.

   Commercial crude oil inventories increased by 4.4 million bbl to 428.8 
million bbl during the profiled week and were 8.1 million bbl, or 1.9%, above 
the same week last year. Crude oil imports averaged 6.593 million bpd in the 
profiled week, down by 746,000 bpd from the previous week. Over the last four 
weeks, crude imports averaged 6.453 million bpd, up 1.2% from the same period 
last year. Crude oil exports averaged 4.066 million bpd last week, up from 
3.058 million bpd the previous week but below the 4.372 million bpd reported 
during the comparable week last year.

   Total motor gasoline inventories increased by 700,000 bbl to 209.4 million 
bbl during the week profiled but remained 14.2 million bbl, or 6.3%, below the 
same week last year. Gasoline imports averaged 612,000 bpd compared with 
583,000 bpd the previous week and 665,000 bpd during the comparable week last 
year. Gasoline exports averaged 852,000 bpd, unchanged from the previous week 
but below the 1.019 million bpd reported during the comparable week last year.

   Distillate fuel inventories fell by 1.5 million bbl to 105.6 million bbl 
during the reference week and were 10.4 million bbl, or 9%, below the same week 
last year. Distillate imports averaged 93,000 bpd compared with 111,000 bpd the 
previous week and 126,000 bpd during the comparable week last year. Distillate 
exports averaged 1.601 million bpd versus 1.935 million bpd the previous week 
and 1.152 million bpd during the comparable week last year.

   Jet fuel inventories increased by 1.1 million bbl to 46.2 million bbl last 
week and were 2.9 million bbl, or 6.8%, above the same week last year. Jet fuel 
imports averaged 155,000 bpd compared with 133,000 bpd the previous week and 
106,000 bpd during the comparable week last year. Jet fuel exports averaged 
372,000 bpd versus 443,000 bpd the previous week and 217,000 bpd during the 
comparable week last year.

   Refinery utilization increased to 97.2% of operable capacity last week from 
96.2% the previous week. Crude oil inputs into refineries averaged 17.395 
million bpd, up by 216,000 bpd from the previous week's 17.179 million bpd, EIA 
data showed.




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