Posted in: Infrastructure,
by Patrick DeHaan on Feb 9, 2011 11:31 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 increased by 1.9 million barrels to a total of 345.1 million barrels. At 345.1 million barrels, inventories are 13.6 million barrels above last year (4.1%) and are much above average. Supply at NYMEX delivery point, Cushing, Oklahoma fell 0.9 million barrels to 37.4 million barrels this week.
Gasoline inventories increased 4.7 million barrels to 240.9 million barrels. At 240.9 million barrels, inventories are now 10.4 million barrels, or 4.5% higher than last year (last week that number was 3.6% higher). The only decreases in gasoline inventories occurred in the Rockies (-0.1mb) and the West Coast (-0.9mb). Gains were seen on the East Coast (+4.4mb), Midwest (+0.8mb), Gulf Coast (+0.5mb).
Distillate inventories increased by 0.3 million barrels to a total of 164.4 million barrels. At 164.4 million barrels, inventories are now 5.2% higher than a year ago. Demand for distillate fuel (diesel, industrial fuels) is down an average of 0.1% over the last four weeks (last week the number was -0.3%). Distillate inventories are now 8.2 million barrels above their year ago level.
Refinery utilization rose to 84.7%, a rise of 0.2% vs. last week's numbers. Gasoline production increased last week to 9.1 million barrels per day while distillate fuel production averaged 4.3 million barrels per day, an increase over the prior week.
Refineries in the Midwest operated at the highest utilization- some 93.4% of capacity. Refiners in the Rockies came in second at 86.9% while refiners on the Gulf Coast came in third with 86.1%. West Coast refiners took the position of utilizing the lowest percentage of their plants again last week (just barely), edging out the East Coast. West Coast plants ran at 72.7% of their capacity while East Coast plants ran 79.6% of their available capacity.
Production of fuel ethanol, a key ingredient in gasoline- decreased 8,000bpd to 900,000 barrels per day.
Total oil stocks in the United States are now up 30.2 million barrels (2.9%) over last year and stand at 1.0781 billion barrels (excluding the Strategic Petroleum Reserve).