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U.S.Economy: 
Unexpected Decline in Crude Inventories
Author: Ivaylo Dagnev
123jump.com
Last Update: 6:36 AM EST January 26 2006


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U.S. commercial crude oil inventories declined last week but stockpiles of gasoline and distillate fuel posted gained, the Department said in its weekly petroleum supply report. Supplies of distillate products, including diesel and heating oil, rose by 1.8 million barrels to 136.5 million, or 11 % higher than year-ago levels.

 
The following is the unedited transcript of the news release from the Energy Information Administration.






Summary of Weekly Petroleum Data for the Week Ending January 20, 2006

U.S. crude oil refinery inputs averaged nearly 14.7 million barrels per day during the week ending January 20, down 14,000 barrels per day from the previous week''s average, as, apparently, some refineries continue to undergo maintenance. Refineries operated at 86.2 percent of their operable capacity last week. Gasoline and distillate fuel production both increased slightly compared to the previous week, averaging nearly 8.7 million barrels per day and over 3.9 million barrels per day, respectively.

U.S. crude oil imports averaged nearly 9.3 million barrels per day last week, down 589,000 barrels per day from the previous week. Over the last four weeks, crude oil imports have averaged nearly 9.8 million barrels per day, a decrease of 119,000 barrels per day from the comparable four weeks last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 917,000 barrels per day. Distillate fuel imports averaged 701,000 barrels per day last week, the fourth largest weekly average ever.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) declined by 2.3 million barrels from the previous week. However, at 319.1 million barrels, U.S. crude oil inventories remain well above the upper end of the average range for this time of year. Total motor gasoline inventories rose by 3.2 million barrels last week, putting them in the upper half of the average range. Distillate fuel inventories increased by 1.8 million barrels last week, and are above the upper end of the average range for this time of year. Most of the increase was in high-sulfur distillate fuel (heating oil) inventories, as low-sulfur distillate fuel (diesel fuel) inventories rose
only slightly compared to the previous week''s level. Total commercial petroleum inventories jumped by 3.9 million barrels last week, and remain above the upper end of the average range for this time of year.

Total products supplied over the last four-week period has averaged nearly 20.6 million barrels per day, or 1.0 percent less than averaged over the same period last year. Over the last four weeks, motor gasoline demand has averaged 9.0 million barrels per day, or 0.9 percent above the same period last year. Distillate fuel demand has averaged 4.1 million barrels per day over the last four weeks, or 2.4 percent below the same period last year. Jet fuel demand is up 3.9 percent over the last four weeks compared to the same four-week period last year.



Available at: www.eia.doe.gov
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