Posted in: Infrastructure,
by Patrick DeHaan on Jun 29, 2011 10:38 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 4.4 million barrels to a total of 359.5 million barrels. At 359.5 million barrels, inventories are 3.6 million barrels below last year (-1.0%) but remain above average. Supply at NYMEX delivery point, Cushing, Oklahoma fell 0.5 million barrels to 37.5 million barrels this week.
Gasoline inventories decreased 1.4 million barrels to 213.2 million barrels. At 213.2 million barrels, inventories are now 4.9 million barrels, or 2.3% lower than last year (last week that number was 1.5% lower). Regions posting gains in inventories last week were the Midwest (+0.7mb) and the Rockies (+0.2mb). Decreases were seen in the East Coast (-1.0mb) the Gulf Coast (-1.1mb), and the West Coast (-0.3mb).
Distillate inventories increased by 0.3 million barrels to a total of 142.3 million barrels. At 142.3 million barrels, inventories are now 10.7% lower than a year ago. Supply of distillate fuel (diesel, industrial fuels) is down an average of 4.7% over the last four weeks (last week the number was 3.6% lower than last year). Distillate inventories are now 17.1 million barrels lower than their year ago level.
Refinery utilization rose to 88.1%, a rise of 2.0% vs. last week's numbers. Gasoline production decreased last week to 9.1 million barrels per day while distillate fuel production averaged 4.4 million barrels per day, a slight increase over the prior week.
Refineries in the Midwest PADD operated at the highest utilization- some 95.9% of capacity. Refiners in the Rockies PADD came in second at 92.7% while refiners in the Gulf Coast PADD came in third with 88.7%. East Coast refiners took the position of utilizing the lowest percentage of their plants last week, edging out the West Coast. West Coast plants ran at 84.3% of their capacity while East Coast plants ran 72.6% of their available capacity.
Production of fuel ethanol, a key ingredient in gasoline- decreased 8,000bpd to 893,000 barrels per day.
Total oil stocks in the United States are down 36.1 million barrels (3.3%) over last year and stand at 1.0654 billion barrels (excluding the Strategic Petroleum Reserve).