Overall petro inventories down another 2.7 million barrels.
Summary of Weekly Petroleum Data for the Week Ending February 20, 2004
U.S. crude oil refinery inputs averaged nearly 14.5 million barrels per day during the week ending February 20, down 498,000 barrels per day from the previous week's average, and more than the cumulative increase seen over the previous two weeks. Most of the decrease last week was in the Gulf Coast (PADD III), where refinery inputs averaged 6.5 million barrels per day, the lowest weekly average since October 11, 2002.
U.S. crude oil imports averaged 9.0 million barrels per day last week, down nearly 1.2 million barrels per day from the previous week. This continued the up-and-down pattern seen over the last several weeks. Most of the decrease was on the West Coast (PADD V) and the East Coast (PADD I). Over the last four weeks, crude oil imports have averaged over 9.5 million barrels per day. Distillate fuel imports averaged 696,000 barrels per day last week, the most since the week ending February 9, 2001. Total motor gasoline imports (including both finished gasoline and gasoline blending components) averaged 854,000 barrels per day last week.
With both crude oil imports and refinery inputs down significantly, U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) were unchanged last week. At 273.8 million barrels, U.S. crude oil inventories are 26.4 million barrels less than the 5-year average for this time of year. Distillate fuel inventories fell by 1.1 million barrels, and have now dropped by 26.9 million barrels over the last 6 weeks (since January 9). At 111.4 million barrels, distillate fuel inventories are 8.3 million barrels below the 5-year average for this time of year. Motor gasoline inventories decreased by 1.6 million barrels last week, and are 9.5 million barrels below the 5-year average. Total commercial petroleum inventories are 63.4 million barrels less than the 5-year average.
Total product supplied over the last four-week period has averaged nearly 20.8 million barrels per day, or 2.4 percent more than the same period last year. Motor gasoline demand over the last four weeks has averaged nearly 8.7 million barrels per day, or 1.6 percent above the same period last year. Distillate fuel demand is up 4.4 percent, while kerosene-type jet fuel demand is unchanged over the last four weeks compared to the same four-week period last year. |
