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Market Update : 
Distillate Inventories Decline
Author: 123jump.com Staff
123jump.com
Last Update: 10:46 AM EDT October 05 2005



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Refineries operated at 69.8 percent of their operable capacity last week. Gasoline and distillate fuel production declined dramatically, averaging 7.5 million barrels per day and 3.0 million barrels per day, respectively. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) inched lower by 0.3 million barrels from the previous week.

 
The following is an unedited copy of Weekly Petroleum Report from EIA.



Summary of Weekly Petroleum Data for the Week Ending September 30, 2005

U.S. crude oil refinery inputs averaged 11.7 million barrels per day during the week ending September 30, down 2.9 million barrels per day from the previous week's average, as many Gulf Coast refiners were shut down last week following Hurricane Rita. Refineries operated at 69.8 percent of their operable capacity last week (capacity temporarily lost is not subtracted from operable capacity).

Gasoline and distillate fuel production declined dramatically, averaging 7.5 million barrels per day and 3.0 million barrels per day, respectively.

U.S. crude oil imports averaged 8.1 million barrels per day last week, down
nearly 1.6 million barrels per day from the previous week. Over the last four weeks, crude oil imports have averaged 9.2 million barrels per day, a decrease of 504,000 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 over 1.4 million barrels per day, the highest weekly average ever, while distillate fuel imports averaged 310,000 barrels per day, an increase of 126,000 barrels per day over the previous week.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) inched lower by 0.3 million barrels from the previous week.

At 305.4 million barrels, U.S. crude oil inventories remain above the upper end of the average range for this time of year. Total motor gasoline inventories dropped by 4.3 million barrels last week, putting them just above the lower end of the average range. Distillate fuel inventories fell by 5.6 million barrels last week, and are just above the middle of the average range for this time of year.

A sharp drop in low-sulfur (diesel fuel) distillate fuel more than compensated for a slight rise in high-sulfur (heating oil) distillate fuel. Total commercial petroleum inventories plummeted by 9.9 million barrels last week, but are in the upper half of the average range for this time of year. Total product supplied over the last four-week period has averaged over 19.9 million barrels per day, or 2.9 percent less than averaged over the same period last year. Over the last four weeks, motor gasoline demand has averaged nearly 8.8 million barrels per day, or 2.6 percent below the same period last year.

Distillate fuel demand has averaged 3.9 million barrels per day over the last four weeks, or 3.8 percent below the same period last year. Kerosene-type jet fuel demand is down 0.6 percent over the last four weeks compared to the same four-week period last year.
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