Posted in: Infrastructure,
by Patrick DeHaan on Dec 30, 2010 11:08 AM
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 decreased by 1.3 million barrels to a total of 339.4 million barrels. At 339.4 million barrels, inventories are 13.4 million barrels above last year (4.1%) and remain above average. Supply at NYMEX delivery point, Cushing, Oklahoma rose 0.2 million barrels to 36.6 million barrels this week.
Gasoline inventories decreased 2.3 million barrels to 214.9 million barrels. At 214.9 million barrels, inventories are now 1.1 million barrels, or 0.5% lower than last year (last week that number was 0.4% higher). Decreases were seen on the East Coast (-1.7mb), Midwest (-1.0mb), Gulf Coast (-0.5mb), and Rockies (-0.1mb). Gains were seen only on the West Coast (+1.1mb).
Distillate inventories decreased by 0.2 million barrels to a total of 161.0 million barrels. At 161.0 million barrels, inventories are now 1.1% higher than a year ago. Demand for distillate fuel (diesel, industrial fuels) is up an average of 4.9% over the last four weeks (last week the number was 3.2%). Distillate inventories are now 1.1 million barrels above their year ago level.
Refinery utilization rose to 87.8%, a rise of 0.1% vs. last week's numbers. Gasoline production decreased last week to 9.3 million barrels per day while distillate fuel production averaged 4.7 million barrels per day, an increase over the prior week.
Refineries on the Gulf Coast operated at the highest utilization- some 92.6% of capacity. Refiners in the Midwest came in second at 88.1% while refiners in the Rockies came in third with 84.5%. East Coast refiners took the position of utilizing the lowest percentage of their plants again last week (just barely), edging out the West Coast. West Coast plants ran at 82.0% of their capacity while East Coast plants ran 72.3% of their available capacity.
Production of fuel ethanol, a key ingredient in gasoline- increased 21,000bpd to 913,000 barrels per day.
Total oil stocks in the United States are now up 18.7 million barrels (1.8%) over last year and stand at 1.07 billion barrels (excluding the Strategic Petroleum Reserve).