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Market Update : 
Crude Inventories Climb by 2.7 Million Barrels
Author: Ivaylo Dagnev
123jump.com
Last Update: 6:41 AM EST January 20 2006



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Crude for February delivery settled up $1.10, or 1.7 %, at $66.83 a barrel, after hitting a revised session high of $66.95, the highest in almost four months, on the NYME. Concerns also persisted over supply disruptions amid unrest in Nigeria''s oil sector and fears that Iran''s nuclear ambitions could lead to sanctions.

 
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 13, 2006

U.S. crude oil refinery inputs averaged nearly 14.7 million barrels per day during the week ending January 13, down 568,000 barrels per day from the previous week''s average, as, apparently, some refineries are undergoing maintenance. Refineries operated at 86.5 percent of their operable capacity last week. Gasoline production remained relatively flat compared to the previous week, averaging over 8.6 million barrels per day, while distillate fuel production declined significantly, averaging 3.9 million barrels per day.

U.S. crude oil imports averaged over 9.8 million barrels per day last week, down 24,000 barrels per day from the previous week. Over the last four weeks, crude oil imports have averaged 10.0 million barrels per day, an increase of 31,000 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 1.0 million barrels per day. Distillate fuel imports averaged 465,000 barrels per day last week.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 2.7 million barrels from the previous week. At 321.4 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 2.8 million barrels last week, putting them in the upper half of the average range. Distillate fuel inventories increased by 0.9 million barrels last week, and are just above the upper end of the average range for this time of year. The increase was in high-sulfur distillate fuel (heating oil)inventories, as low-sulfur distillate fuel (diesel fuel) inventories were relatively flat compared to the previous week’s level. Total commercial petroleum inventories jumped by 5.2 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 21.1 million barrels per day, or 0.7 percent more than averaged over the same period last year. Over the last four weeks, motor gasoline demand has averaged 9.1 million barrels per day, or 0.9 percent above the same period last year. Distillate fuel demand has averaged nearly 4.2 million barrels per day over the last four weeks, or 0.9 percent below the same period last year. Jet fuel demand is up 4.1 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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