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Market Update : 
Crude Oil Inventories Advance
Author: 123jump.com Staff
123jump.com
Last Update: 10:50 AM EST February 28 2007



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U.S. commercial crude oil inventories increased by 1.4 million barrels compared to the previous week. At 329.0 million barrels, U.S. crude oil inventories are above the upper end of the average range for this time of year. Total motor gasoline inventories fell by 1.9 million barrels last week, but remain above the upper end of the average range. Distillate fuel inventories dropped by 3.8 million barrels, and are in the upper half of the average range for this time of year.

 
The following is the un-edited press release from the Energy Information Administration.


Summary of Weekly Petroleum Data for the Week Ending February 23, 2007

U.S. crude oil refinery inputs averaged over 14.6 million barrels per day during the week ending February 23, up 196,000 barrels per day from the previous week''s average. Refineries operated at 86.0 percent of their operable capacity last week. Gasoline production increased slightly compared to the previous week, averaging nearly 8.7 million barrels per day, while distillate fuel production also increased, averaging over 3.9 million barrels per day.

U.S. crude oil imports averaged over 9.5 million barrels per day last week, down 220,000 barrels per day from the previous week. Over the last four weeks, crude oil imports have averaged 9.6 million barrels per day, or 248,000 barrels per day less than averaged over the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 889,000 barrels per day. Distillate fuel imports averaged 381,000 barrels per day last week.

U.S. commercial crude oil inventories increased by 1.4 million barrels compared to the previous week. At 329.0 million barrels, U.S. crude oil inventories are above the upper end of the average range for this time of year. Total motor gasoline inventories fell by 1.9 million barrels last week, but remain above the upper end of the average range.

Distillate fuel inventories dropped by 3.8 million barrels, and are in the upper half of the average range for this time of year. Decreases were seen in both high-sulfur distillate fuel (heating oil) inventories and diesel fuel inventories (both ultra-low-sulfur and low-sulfur). Propane/propylene inventories declined by 2.8 million barrels last week. Total commercial petroleum inventories dropped by 8.9 million barrels last week, but 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 21.8 million barrels per day, or 7.5 percent above the same period last year. Over the last four weeks, motor gasoline demand has averaged over 9.1 million barrels per day, or 3.6 percent above the same period last year. Distillate fuel demand has averaged 4.7 million barrels per day over the last four weeks, or 9.7 percent above the same period last year. Jet fuel demand is up 4.5 percent over the last four weeks compared to the same four-week period last year.


Available at:

http://www.eia.doe.gov/pub/oil_gas/petroleum/data_publications/weekly_petroleum_status_report/current/txt/wpsr.txt
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