EIA: Crude Stocks Down, Snapping 2-Wk Build; Products Rise


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- U.S. commercial crude oil stocks fell last week, 
snapping two consecutive weeks of builds, while gasoline and distillate 
stockpiles continued their rise, the Energy Information Administration (EIA) 
reported Wednesday (1/28).

   Commercial crude stocks dropped by 2.3 million bbl to 423.8 million during 
the week ended January 23, after back-to-back weekly builds of 3.6 million and 
3.3 million bbl, the EIA said in its Weekly Petroleum Status Report.

   With the decline, U.S. crude inventories stood at 8.6 million bbl, or 2.1%, 
higher than levels seen a year earlier, the report showed.

   Crude stockpiles at the Cushing, Oklahoma delivery point for NYMEX West 
Texas Intermediate futures, fell by 300,000 bbl to 24.8 million after the prior 
week's climb of 1.6 million.

   Total motor gasoline inventories increased by 200,000 bbl to 257.2 million 
during the reference week, adding to the prior surplus of 6 million. It marked 
the 12th straight week of gasoline stock builds in a season where consumption 
is typically lower versus supply amid winter conditions that reduce driving.

   Blending components dipped by 100,000 bbl to 240.6 million, versus the prior 
week's surge of 5.4 million bbl, while conventional gasoline stocks rose by 
300,000 bbl to 16.6 million.

   Distillate fuel oil inventories climbed by 300,000 bbl to 132.9 million, 
after the previous week's increase of 3.3 million.

   Refinery utilization slipped to 90.9% of operable capacity, from a prior 
93.3%. Crude oil inputs into refineries averaged 16.2 million bpd, versus the 
previous week's 16.6 million.

   Crude oil exports averaged 4.59 million bpd, up by 900,000 bpd from the 
previous week, while crude imports fell by 805,000 bpd to 5.642 million bpd.

   Total products supplied over the last four weeks averaged 20.271 million 
bpd, down by 0.1% from the same period a year earlier. Gasoline demand last 
week averaged 8.259 million bpd, lower by 0.4% from a year earlier, while 
distillate demand averaged 3.864 million bpd, down by 5% from the same period 
last year.

    




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