REPORT / U.S. data show oil refinery output surging
REUTER POLL FORECAST* ACTUAL FOR
FOR WEEK ENDED 11/06/98 WEEK ENDED 11/06/98-
------------------------------------------------------------
CRUDE............ UP 2.750 MLN 341.804 DN 1.913 MLN
DISTILLATE....... UP 1.125 MLN 147.147 UP 0.332 MLN
GASOLINE......... DN 1.100 MLN 202.111 UP 1.647 MLN
UTILIZATION...... UP 0.75 (PCT PT) 95.6 PCT UP 2.0 PCT PT
*NB - The forecast is derived by polling at least six market analysts
/ traders, omitting the high and low forecast and averaging.
NEW YORK, Nov 10 - U.S. oil refineries cranked up production strongly
again last week, adding to a trend which has seen the nation's plants
shoot up 10 percent since mid-October as they've come out of a heavy
maintenance. As crude runs soared, production of gasoline was up at
8.4 million barrels per day from 7.9 million bpd the week before,
while distillates -- heating oil and diesel mainly -- rose to 3.4
million bpd from 3.3 million bpd. Stocks of both product categories
duly rose.
As expected, crude stocks fell last week by 1.9 million barrels to
stad at 341 million barrels, but the vast bulk of the decline -- 1.5
million barrels -- came on the west coast (PADD 5 area), and stocks
have generally been rising over the past month even as refinery
running rates has been rising.
Analysts attribute the rising stocks and rising refinery crude runs to
a combination of statistical effects of hurricanes in September and
October, which delayed but did not cancel imports, as well as steadily
increasing imports over a the whole year.
The report was delayed about two hours and got little reaction from
the market. December crude futures were off two cents at $13.50 in
late ACCESS trading, while heatin oil was off 0.09 at 37.85 cents and
gasoline was unchanged at 41.20 cents. |
