EIA: PADD 3 Distillates Rise, Stocks Stay Tight


   
Miguel E. Andujar
DTN Refined Fuels Market Reporter

   DAVENPORT, FL (DTN) -- U.S. Gulf Coast (PADD 3) distillate fuel oil 
inventories increased during the week ended May 29 but remained below year-ago 
levels, while crude oil inventories posted their largest weekly draw since the 
week ended February 13, according to data released Wednesday (6/3) by the U.S. 
Energy Information Administration.

   PADD 3 distillate fuel oil inventories, the feedstock for diesel, increased 
by 1.3 million bbl to 41.6 million bbl during the profiled week from 40.3 
million bbl the previous week. Despite the build, inventories remained below 
the 44.1 million bbl reported during the same week last year and continued near 
historically tight seasonal levels. Ultra-low sulfur distillate inventories 
increased by 900,000 bbl to 34.3 million bbl.

   Jet fuel inventories in PADD 3 declined by 1.1 million bbl to 14.3 million 
bbl during the reference week and remained above the 13 million bbl reported 
during the comparable week last year. As a net exporter of distillate and jet 
fuel, the Gulf Coast reported essentially no imports of either product during 
the week.

   Motor gasoline inventories in PADD 3 increased by 200,000 bbl to 81.3 
million bbl but remained below the 87.9 million bbl reported in the same week 
last year. Motor gasoline imports into the Gulf Coast averaged 43,000 bpd, down 
from 107,000 bpd the prior week and above the 16,000 bpd recorded during the 
comparable week last year.  

   Crude oil stocks in PADD 3 fell by 6.7 million bbl to 252.5 million bbl 
during the reference week, marking the largest weekly crude draw since the week 
ended February 13. The latest inventory level was also the lowest since the 
week ended February 27. Crude imports into the Gulf Coast increased by 596,000 
bpd to 1.559 million bpd and remained above the 1.422 million bpd reported 
during the comparable week last year.  

   Refinery utilization on the Gulf Coast increased to 98.1% from 98% the 
previous week, while crude oil inputs declined by 90,000 bpd to 9.505 million 
bpd, EIA data showed.

    

    




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