EIA: U.S. Crude Stocks Down 1.8M Bbl on Week, Fuels Jump


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- U.S. commercial crude oil inventories fell during the 
week ended December 5, while gasoline and distillate fuel oil stocks jumped, 
the Energy Information Administration reported Wednesday (12/10).

   Commercial crude stocks fell by 1.8 million bbl to 425.7 million bbl, 
following the prior week's climb of 600,000 bbl, the EIA said in its Weekly 
Petroleum Status Report.

   With the weekly decline, U.S. crude inventories stood at 3.7 million bbl, or 
0.9%, above year-ago levels, the report showed.

   Despite the broader crude inventory slide, stockpiles at Cushing, Oklahoma, 
the delivery point for NYMEX West Texas Intermediate futures, rose 300,000 bbl 
to stand at 21.6 million bbl during the week ended December 5.

   Distillate fuel oil inventories rose by 2.5 million bbl to 116.8 million 
bbl, adding to the prior weekly growth of 2.1 million bbl. Year-on-year, 
however, distillate stocks were down 4.5 million bbl, with most of the deficit 
occurring in low-sulfur grades.

   Total motor gasoline inventories increased by 6.4 million bbl to 220.8 
million bbl during the profiled week, adding to the prior week's rise of 4.5 
million bbl. Blending components rose by 5.1 million bbl to 204.6 million bbl, 
accounting for most of the increase, while conventional gasoline stocks grew 
1.3 million bbl to 16.2 million bbl.

   Refinery utilization stood at 94.5% of operable capacity, up by 0.4% from 
the prior week. Crude runs averaged 16.87 million bpd, unchanged from the prior 
week.

   Crude exports averaged 4.01 million bpd, up by 396,000 bpd from the previous 
week, while crude imports rose by 609,000 bpd to 6.59 million bpd.

   Total products supplied over the last four weeks averaged 20.42 million bpd, 
up 325,000 bpd from the same period a year earlier. Gasoline demand averaged 
8.46 million bpd last week, down 4% year-on-year, while distillate demand 
averaged 4.16 million bpd, up 20.6% year-on-year.




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