HUGE decrease in energy inventories:
crude oil - 1.5
distillates -4.1
gasoline -3.5
total -9.1
Summary of Weekly Petroleum Data for the Week Ending January 23, 2004
U.S. crude oil refinery inputs averaged just over 14.7 million barrels per day during the week ending January 23, down 163,000 barrels per day from the previous week and 677,000 barrels per day over the last three weeks. The vast majority of the decline last week was on the West Coast (PADD V), while crude oil inputs on the Gulf Coast averaged about 7.0 million barrels per day, down 116,000 barrels per day from last week's level.
U.S. crude oil imports averaged 8.6 million barrels per day last week, down nearly 1.2 million barrels per day from the previous week, and the lowest level since the week ending March 7, 2003. Half of the decrease was on the Gulf Coast (PADD III), which dropped to its lowest level in three weeks. Over the last four weeks, crude oil imports have averaged nearly 9.4 million barrels per day. Distillate fuel imports averaged 512,000 barrels per day last week, the highest weekly average since the week ending March 7, 2003. Total motor gasoline imports (including both finished gasoline and gasoline blending components) fell by nearly 200,000 barrels per day, averaging 490,000 barrels per day last week.
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 1.5 million barrels last week. At 263.7 million barrels, U.S. crude oil inventories are 35.8 million barrels less than the 5-year average for this time of year. Distillate fuel inventories fell by 4.5 million barrels, with decreases seen in both low-sulfur (diesel fuel) distillate fuel and high-sulfur (heating oil) distillate fuel. At 131.0 million barrels, distillate fuel inventories are 4.1 million barrels above the 5-year average for this time of year. Motor gasoline inventories fell by 3.5 million barrels last week, and are about 6.6 million barrels below the 5-year average. Total ommercial petroleum inventories are 59.3 million barrels less than the 5-year average.
Total product supplied over the last four-week period has averaged nearly 19.9 million barrels per day, or 0.8 percent less than the same period last year. Motor gasoline demand over the last four weeks has averaged over 8.5 million barrels per day, or 0.8 percent below the same period last year. Distillate fuel demand is down 7.3 percent, while kerosene-type jet fuel demand is down 0.3 percent over the last four weeks compared to the same four-week period last year. |
