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Market Update : 
U.S. Supplies Advance
Author: Ivaylo Dagnev
123jump.com
Last Update: 7:34 AM EST February 24 2006



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Oil prices may decline as advancing U.S. inventories temper concern about unrest in Nigeria and a possible disruption of Iranian exports. In Nigeria, attacks have curtailed output by about 19 %. Oil jumped last month on concern that Iranian shipments would be cut because of a dispute over the country nuclear research.

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


Summary of Weekly Petroleum Data for the Week Ending February 17, 2006

U.S. crude oil refinery inputs averaged nearly 14.6 million barrels per day
during the week ending February 17, down 48,000 barrels per day from the
previous week''s average. Refineries operated at 86.6 percent of their operable
capacity last week. Gasoline production declined compared to the previous week,
averaging nearly 8.5 million barrels per day, while distillate fuel production
increased slightly, averaging nearly 3.8 million barrels per day.

U.S. crude oil imports averaged nearly 10.0 million barrels per day last week,
down 305,000 barrels per day from the previous week. Over the last four
weeks, crude oil imports have averaged over 9.9 million barrels per day, a
decrease of 47,000 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 1.2 million barrels per day. Distillate
fuel imports averaged 494,000 barrels per day last week.

U.S. commercial crude oil inventories (excluding those in the Strategic
Petroleum Reserve) rose by 1.1 million barrels from the previous week. At 326.7
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
inched higher by 0.1 million barrels last week, putting them above the upper end
of the average range, and at the highest level seen since the week ending
June 4, 1999. Distillate fuel inventories declined by 1.3 million barrels last
week, but remain well above the upper end of the average range for this time of
year. A decrease in low-sulfur distillate fuel (diesel fuel) inventories more
than compensated for a slight increase in high-sulfur distillate fuel (heating
oil) inventories. Total commercial petroleum inventories fell by 2.0 million
barrels last week, but remain well above the upper end of the average range for
this time of year.

Total products supplied over the last four-week period has averaged over 20.5
million barrels per day, or 0.3 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 2.3 percent above the same period last year.
Distillate fuel demand has averaged over 4.2 million barrels per day over the
last four weeks, or 0.7 percent above the same period last year. Jet fuel
demand is down 1.1 percent over the last four weeks compared to the same
four-week period last year.



Available at: http://www.eia.doe.gov/oil_gas/petroleum/info_glance/petroleum.html
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