Basicly flat on overall petroleum inventories, more strain on gasoline. Way too early in the driving season to be below 200 million.
Summary of Weekly Petroleum Data for the Week Ending March 12, 2004
U.S. crude oil refinery inputs averaged nearly 14.5 million barrels per day during the week ending March 12, down 269,000 barrels per day from the previous week's average. The regions with the largest declines compared to the previous week include the Midwest (PADD II) and the West Coast (PADD V). Finished gasoline production averaged nearly 8.6 million barrels per day, the largest amount since the week ending December 26, 2003.
U.S. crude oil imports averaged 9.5 million barrels per day last week, down 290,000 barrels per day from the previous week. Large decreases were seen in the Gulf Coast (PADD III) and the East Coast (PADD I). Over the last four weeks, crude oil imports have averaged over 9.5 million barrels per day. Although the origins of weekly crude oil imports are preliminary and thus not published, it appears that crude oil imports from Saudi Arabia were down relatively low again last week. Total motor gasoline imports (including both finished gasoline and gasoline blending components) averaged 934,000 barrels per day last week, while distillate fuel imports averaged 427,000 barrels per day last week.
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) grew by 1.6 million barrels last week. At 281.1 million barrels, U.S. crude oil inventories are currently 23.4 million barrels less than the 5-year average for this time of year. Motor gasoline inventories decreased by 0.8 million barrels last week, and are 9.8 million barrels below the 5-year average. At 199.6 million barrels, total gasoline inventories are below 200 million barrels for the first time since the week ending November 28, 2003. Distillate fuel inventories fell by 0.9 million barrels, with drops in both low-sulfur (diesel fuel) and high-sulfur (heating oil) inventories. At 111.8 million barrels, distillate fuel inventories are 3.1 million barrels below the 5-year average for this time of year. Total commercial petroleum inventories are 47.3 million barrels less than the 5-year average.
Total product supplied over the last four-week period has averaged 19.9 million barrels per day, or 1.1 percent less than averaged over the same period last year. Motor gasoline demand over the last four weeks has averaged over 8.9 million barrels per day, or 4.5 percent above the same period last year. Distillate fuel demand is down 6.4 percent, while kerosene-type jet fuel demand is up 1.8 percent over the last four weeks compared to the same four-week period last year. |
