Posted in: Infrastructure,
by Patrick DeHaan on Sep 22, 2010 10:38 AM
EDIT: Oil inventories increased 1.0 million barrels, not decreased as said earlier.
The Department of Energy released its weekly report on the condition of petroleum inventories in the United States today.
Here are some highlights:
Crude oil inventories increased by 1.0 million barrels to a total of 358.3 million barrels. At 358.3 million barrels, inventories are 22.7 million barrels above last year (6.8%) and remain above average. Supply at NYMEX delivery point, Cushing, Oklahoma decreased some 300,000 barrels to 34.7 million barrels this week. Supplies at Cushing have decreased for the last seven consecutive weeks.
Gasoline inventories increased 1.6 million barrels to 226.1 million barrels. At 226.1 million barrels, inventories are now 12.9 million barrels, or 6.1% higher than last year (last week that number was 8.1% higher). Decreases were not seen in any region this week, something that hasn't happened all summer. Increases in inventories were seen on the East Coast (+0.3mb), Midwest (+0.5mb), Gulf Coast (+0.3mb), West Coast (+0.4mb), and Rockies (+0.2mb).
Distillate inventories increased by 0.3 million barrels to a total of 174.9 million barrels. At 174.9 million barrels, inventories are 2.4% higher than a year ago. Demand for distillate fuel (diesel, industrial fuels) is up an average of 12.9% over the last four weeks (last week the number was 11.5%). Distillate inventories are now 4.1 million barrels above their year ago level.
Refinery utilization increased to 87.8%, a rise of 0.2% over last week's numbers. Gasoline production decreased last week to 9.0 million barrels per day while distillate fuel production averaged 4.3 million barrels per day, an increase over the prior week.
Refineries in the Rockies operated at the highest utilization- some 98.1% of capacity. Refiners in the Midwest came in second at 91.1% while refiners on the Gulf Coast came in third with 89.9%. For the first time since regional utilization records started, refiners on the West Coast were not the lowest, running 80.1% utilization while East Coast refiners ran 79.3% of capacity.
Production of fuel ethanol, a key ingredient in gasoline- decreased to 850,000 barrels per day- a drop of 22,000bpd.
Total oil stocks in the United States are now up 43.1 million barrels (3.9%) over last year and stand at 1.1439 billion barrels (excluding the Strategic Petroleum Reserve).