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Market Update : 
US Crude Inventories Fall
Author: Ivaylo Dagnev
123jump.com
Last Update: 6:06 AM EST December 01 2005



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Gasoline inventories shed 500,000 barrels to 199.9 million barrels, 5 % below last year''s levels, while distillate inventories increased 3.4 million barrels last week to 127.9 million barrels. That is 4.7 % above year-ago levels, but in the lower half of the average range for this time of year.

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



Summary of Weekly Petroleum Data for the Week Ending November 25, 2005

U.S. crude oil refinery inputs averaged over 15.1 million barrels per day during the week ending November 25, up 239,000 barrels per day from the previous week''s average. Refineries operated at 89.3 percent of their operable capacity last week (capacity temporarily lost following the hurricanes is not subtracted from operable capacity). Gasoline production fell slightly, averaging nearly 9.0 million barrels per day, while distillate fuel production rose substantially, averaging nearly 4.2 million barrels per day.

U.S. crude oil imports averaged 9.7 million barrels per day last week, down 526,000 barrels per day from the previous week. Over the last four weeks, crude oil imports have averaged over 10.0 million barrels per day, a decline of 207,000 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 584,000 barrels per day, the lowest weekly average since the week ending January 14, 2005. Distillate fuel imports averaged 379,000 barrels per day last week.

U.S. commercial crude oil inventories (excluding those in the Strategic
Petroleum Reserve) dropped by 4.2 million barrels from the previous week. However, at 317.6 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 lower by 0.5 million barrels last week, putting them near the lower end of the average range. Distillate fuel inventories jumped by 3.4 million barrels last week, but are in the lower half of the average range for this time of year. Increases were seen in both high-sulfur (heating oil) and low-sulfur (diesel fuel) distillate fuel inventories. Total commercial petroleum inventories rose by 2.2 million barrels last week, and are near the upper end of the average range for this time of year.

Total products supplied over the last four-week period has averaged nearly 20.5 million barrels per day, or 1.6 percent less than averaged over the same period last year. Over the last four weeks, motor gasoline demand has averaged nearly 9.2 million barrels per day, or 1.3 percent above the same period last year. Distillate fuel demand has averaged nearly 4.1 million barrels per day over the last four weeks, or 0.1 percent above the same period last year. Jet fuel demand is down 8.6 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/pdf/sources.pdf
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