The Energy Information Administration released its weekly report on the
status of petroleum inventories in the United States today.
Here are some highlights:
oil inventories decreased by 2.6 million barrels to a total of
386.9 million barrels. At 386.9 million barrels, inventories are
6.9 million barrels below last year (-1.7%) and are in the upper half
of the average range for this time of year.
inventories increased by 1.7 million barrels to 213.5 million barrels.
At 213.5 million barrels, inventories are down 8.1 million barrels, or
3.6% lower than one year ago. Here's how individual regions and their
gasoline inventory fared last week: East Coast (+.0.2mb); Midwest
(+1.1mb); Gulf Coast (-0.3mb); Rockies (even); and West Coast
(+0.6mb). It is important to note which regions saw increases/decreases
as this information likely drives prices up (in the case of falling
inventories), or down (in the case of rising inventories).
DISTILLATE (diesel, heating oil) INVENTORIES:
inventories increased by 0.9 million barrels to a total of 119.0
million barrels. At 119.0 million barrels, inventories are now down 3.2
million barrels, or 2.6% lower vs. a year ago.
supplied to end users amounted to 9.1 million barrels per day, or
206,000 barrels per day lower than the previous week. So far in 2014,
gasoline supplied is 1.8% higher versus 2013, according to the EIA.
utilization decreased 2.9% to 87.9% vs. last week's numbers. Gasoline
production decreased last week averaging 8.9 million barrels per day
and distillate fuel production also decreased last week, averaging 4.8
million barrels per day.
Utilization rates for the last week were
as follows: East Coast: 93.3%, Midwest: 96.7%, Gulf Coast: 84.7%, Rocky
Mountain: 92.0%, West Coast: 83.5%. These percentages show how much of a
region's overall capacity were used to refine oil. It is important to
note these percentages, because the lower the utilization percent, the
lower output, which has a direct impact on local gasoline prices. If
refiners in your region have low output, your more likely to see prices
Total oil stocks in the United States
are up by 6.2 million barrels (-1.8%) over last year and stand at 1.1
billion barrels (excluding the Strategic Petroleum Reserve).
U.S. imported 7.14 million barrels of crude oil per day last week,
up by 230,000 bpd vs. the previous week. Total motor gasoline imports
last week averaged 560,000bpd. The U.S. also imported 106,000bpd of
distillate fuels. However, during the same time frame, the U.S. exported
386,000bpd of gasoline and 965,000bpd of distillates. In total, U.S.
refineries exported 3.1 million barrels per day of oil and