EIA: Crude Stocks Fall for Second Week, Products Build


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) U.S. commercial crude oil inventories fell for a second 
consecutive week, while gasoline and distillate fuel oil stocks continued their 
builds, the Energy Information Administration (EIA) reported Wednesday (1/7).

   Commercial crude stocks declined by 3.8 million bbl to 419.1 million during 
the week ended January 2, extending the 1.9-million decline of the prior week, 
the EIA said in its Weekly Petroleum Status Report.

   With the weekly draw, U.S. crude inventories stood at 4.4 million bbl, or 
1.1%, higher than levels a year earlier, the report showed.

   Crude stockpiles at the Cushing, Oklahoma delivery point for NYMEX West 
Texas Intermediate futures, however, extended their growth, climbing by 700,000 
bbl to 22.8 million after the prior week's addition of 500,000 bbl.

   Distillate fuel oil inventories rose by 5.6 million bbl to 129.3 million, 
supported by continuous increases across ultra-low sulfur and higher sulfur 
categories. In the previous week, distillates saw a build of 5 million.

   Total motor gasoline inventories increased by 7.7 million bbl to 242 million 
during the reference week, adding to the prior week's surplus of 5.8 million.

   Blending components rose by 8 million bbl to 226.3 million, accounting for 
most of the increase, while conventional gasoline stocks slipped by 200,000 bbl 
to 15.8 million.

   Refinery utilization was unchanged at 94.7% of operable capacity. Crude oil 
inputs to refineries averaged 16.9 million bpd, up fractionally from the 
previous week's 16.8 million.

   Crude oil exports averaged 4.26 million bpd, up by about 823,000 bpd from 
the previous week, while crude imports rose by 1.39 million bpd to 6.34 million 
bpd.

   Total products supplied over the last four weeks averaged 19.23 million bpd, 
down by 2.8% from the same period a year earlier. Gasoline demand averaged 8.17 
million bpd, lower by 3.7% from a year earlier, while distillate demand 
averaged 3.2 million bpd, up by 0.6% from the same period last year.




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