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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: CalculatedRisk who wrote (7617)2/11/2004 4:04:36 PM
From: russwinter  Read Replies (1) of 110194
 
Lost in the rapture over Easy Al's (aka Joseph Goebbel's)Alice in Wonderland's utterances today was one of the biggest petro drawdowns you will ever care to see. This kind of number represents 1.55% (DOE), 1.73% (API) of all US petro inventories. I can't ever recall seeing two out three weeks like this ever.

With a big decrease in imports and an increase in refinery inputs, U.S.
commercial crude oil inventories (excluding those in the Strategic Petroleum
Reserve) fell by 2.7 million barrels last week. At 268.9 million barrels, U.S.
crude oil inventories are 31.7 million barrels less than the 5-year average for
this time of year. Distillate fuel inventories fell by 5.9 million barrels, with
almost an equal split between low-sulfur (diesel fuel) distillate fuel and high-
sulfur (heating oil) distillate fuel. At 118.3 million barrels, distillate fuel
inventories are 4.1 million barrels below the 5-year average for this time of
year. Motor gasoline inventories continued a counter seasonal decline, falling
by 1.2 million barrels last week, and are now 10.6 million barrels below the 5-year average. Total commercial petroleum inventories are 66.0 million barrels
less than the 5-year average.

DOE:
CL -2.7
distillates -5.9
gasoline -1.2
total: -9.8

API:
CL -4.8
dist- 4.7
gasoline -1.4
total -10.9
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