EIA: U.S. Crude Stocks Tumble 9M Bbl; Products Down Too


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- U.S. commercial crude oil stocks tumbled last week to 
reverse the prior week's rise, extending the volatile picture for inventories 
in the aftermath of January's Winter Storm Fern, Energy Information 
Administration (EIA) data showed Thursday (2/1). A surge in crude exports and a 
drop in imports aided the decline.

   Gasoline and distillates balances fell too as refinery utilization surged, 
the EIA said its Weekly Petroleum Status Report, delayed a day by this week's 
President's Day holiday.

   Commercial crude stocks declined by 9 million bbl to 419.8 million during 
the week ended February 13, the report said.

   The EIA's reporting of oil inventories has swung wildly since the January 23 
breakout of Storm Fern, which analysts at London-based Energy Aspects estimated 
gutted between 1.5 million and 2 million bpd of production in the Permian Basin 
over several days. In the immediate week after the storm, the agency reported a 
crude draw of 3.4 million bbl, followed by a rise of 8.5 million in the 
subsequent week.

   Last week's crude stock drop was accompanied by a 1.1 million bbl decline at 
the Cushing, Oklahoma delivery point for NYMEX West Texas Intermediate futures. 
In the prior week, Cushing inventories saw a rise of 1.071 mln bbl.

   Total motor gasoline inventories fell by 3.3 million bbl to 255.8 million, 
marking the first weekly draw after 13 consecutive weeks of builds amid a 
winter season that typically results in less driving.

   Blending components slid by 2.3 million bpd to 240.5 million bpd, after a 
prior weekly addition of 1.4 million. Conventional gasoline stocks fell by 
800,000 bbl to 15.4 million, extending the previous 200,000-bbl decline.

   Distillate fuel oil inventories retreated by 4.6 million bbl to 120.1 
million, adding to the prior week's drop of 2.7 million.

   Refinery utilization rose to 91% of operable capacity, from a previous 
89.4%. Crude oil inputs into refineries averaged 16.1 million bpd, versus the 
previous week's 16 million.

   Crude oil exports averaged 4.5 million bpd, up 760,000 from the previous 
week, while

   crude imports fell by 290,000 bpd to 6.52 million.

   Total products supplied over the last four weeks averaged 20.953 million 
bpd, up 3.4% from the same period a year earlier. Gasoline demand last week 
averaged 8.345 million bpd, up 0.3% from the same period last year, while 
distillate demand averaged 4.177 million bpd, higher by 0.9% from the same 
period last year.




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