Sure doesn't look like the anticipated "wall of oil" has arrived. More like a wall of debt and paper coming from the US and Japan, I'd say.
Summary of Weekly Petroleum Data for the Week Ending August 20, 2004
U.S. crude oil refinery inputs averaged nearly 16.1 million barrels per day during the week ending August 20, up 123,000 barrels per day from the previous week's average. Refineries operated at 96.0 percent of their operable capacity last week, up 0.2 percentage points from the previous week. Motor gasoline production fell compared to the previous week, averaging over 8.8 million barrels per day. Distillate fuel production increased, however, averaging 4.1 million barrels per day.
U.S. crude oil imports averaged over 10.5 million barrels per day last week, up 142,000 barrels per day from the previous week. Over the last four weeks, crude oil imports have averaged 10.2 million barrels per day. Although the origins of weekly crude oil imports are preliminary and thus not published, it appears that imports from Canada and Mexico were particularly large last week. Total motor gasoline imports (including both finished gasoline and gasoline blending components) averaged 992,000 barrels per day, up 101,000 barrels per day from the previous week, while distillate fuel imports averaged 212,000 barrels per day last week.
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) dropped by 1.7 million barrels from the previous week. At 291.3 million barrels, U.S. crude oil inventories are in the bottom half of the average range for this time of year. Motor gasoline inventories last week were unchanged from the previous week, and are near the upper end of the average range. Distillate fuel inventories increased by 0.5 million barrels, with an increase in high-sulfur distillate fuel (heating oil) more than compensating for a decline in low-sulfur distillate fuel (diesel fuel). As a result, they are near the middle of the average range. Total commercial petroleum inventories increased by 1.2 million barrels, and remain close to the lower end of the average range.
Total product supplied over the last four-week period has averaged 20.7 million barrels per day, or 1.2 percent more than averaged over the same period last year. Motor gasoline demand over the last four weeks has averaged over 9.4 million barrels per day, or 0.7 percent over the same period last year. Distillate fuel demand is up 7.2 percent, while kerosene-type jet fuel demand is up 4.3 percent over the last four weeks compared to the same four-week period last year. |
