EIA: U.S. Crude Sees 3-Wk Stock Build; Gas, Distillates DN
10/16 11:33 AM
EIA: U.S. Crude Sees 3-Wk Stock Build; Gas, Distillates DN
Miguel E. Andujar
DTN Refined Fuels Market Reporter
DAVENPORT, FL (DTN) -- U.S. commercial crude oil inventories rose for the
third straight week as of October 10, while gasoline and distillate fuel oil
stocks both declined, the Energy Information Administration reported Wednesday
(10/16).
Commercial crude stocks increased by 3.5 million bbl to 423.8 million bbl,
following last week's 3.7 million bbl build. Inventories now stand about 3.3
million bbl above levels a year earlier.
Stocks at Cushing, Oklahoma, the delivery point for NYMEX West Texas
Intermediate futures, fell by 700,000 bbl to 22 million bbl, marking the third
consecutive weekly draw.
Blending components decreased by 300,000 bbl to 203.1 million bbl, while
conventional gasoline stocks declined by 100,000 bbl to 15.6 million bbl.
Distillate fuel oil inventories posted the largest draw among major
products, falling by 4.6 million bbl to 117 million bbl, reversing last week's
modest build. Despite the draw, inventories remain about 2 million bbl above
the same period last year, with most of the decrease occurring in low-sulfur
grades.
Total motor gasoline inventories slipped by 300,000 bbl to 218.8 million
bbl, following a small decline the prior week. Blending components accounted
for most of the decrease, while conventional gasoline also edged lower.
Refinery utilization fell to 85.7% of capacity, down from 92.4% the prior
week and below 87.7% a year earlier. Crude runs averaged 15.130 million bpd, a
decline of 1.167 million bpd week-on-week.
Crude exports averaged 4.466 million bpd, up from 3.590 million bpd the
previous week and 4.123 million bpd a year earlier. Crude imports dropped by
878,000 bpd to 5.525 million bpd, reversing the gains from the prior two weeks.
Total products supplied over the last four weeks averaged 20.669 million
bpd, 0.5% below the same period last year. Gasoline demand averaged 8.713
million bpd, slightly lower than a year earlier, while distillate demand
averaged 3.983 million bpd, up by 0.2% year-on-year.
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