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Market Update : 
Crude Oil Inventories Decline
Author: 123jump.com Staff
123jump.com
Last Update: 10:54 AM EDT June 11 2008



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U.S. commercial crude oil inventories decreased by 4.6 million barrels from the previous week. At 302.2 million barrels, U.S. crude oil inventories are at the lower boundary of the average range for this time of year. Total motor gasoline inventories increased by 1.0 million barrels last week, and are in the lower half of the average range. Finished gasoline inventories remained unchanged last week while gasoline blending components inventories increased during this same time.

 
The following is the un-edited press release from the Energy Information Administration.


Summary of Weekly Petroleum Data for the Week Ending June 6, 2008


U.S. crude oil refinery inputs averaged 15.3 million barrels per day during the week ending June 6, down 161 thousand barrels per day from the previous week''s average. Refineries operated at 88.6 percent of their operable capacity last week. Gasoline production moved lower compared to the previous week, averaging about 9.0 million barrels per day. Distillate fuel production decreased last week, averaging nearly 4.5 million barrels per day.

U.S. crude oil imports averaged about 9.7 million barrels per day last week, down 98 thousand barrels per day from the previous week. Over the last four weeks, crude oil imports have averaged 9.4 million barrels per day, 819 thousand barrels per day below the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged about 1.2 million barrels per day. Distillate fuel imports averaged127 thousand barrels per day last week.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 4.6 million barrels from the previous week. At 302.2 million barrels, U.S. crude oil inventories are at the lower boundary of the average range for this time of year. Total motor gasoline inventories increased by 1.0 million barrels last week, and are in the lower half of the average range. Finished gasoline inventories remained unchanged last week while gasoline blending components inventories increased during this same time.

Distillate fuel inventories increased by 2.3 million barrels, and are in the lower half of the average range for this time of year. Propane/propylene inventories increased by 0.5 million barrels last week but remain near the bottom of the average range. Total commercial petroleum inventories increased by 0.3 million barrels last week, and are near the bottom of the average range for this time of year.

Total products supplied over the last four-week period has averaged nearly 20.4 million barrels per day, down by 1.3 percent compared to the similar period last year. Over the last four weeks, motor gasoline demand has averaged 9.3 million barrels per day, down by 1.3 percent from the same period last year. Distillate fuel demand has averaged 4.1 million barrels per day over the last four weeks, up 0.7 percent from the same period last year. Jet fuel demand is 0.4 percent higher over the last four weeks compared to the same four-week period last year.


Available at:

http://www.eia.doe.gov/pub/oil_gas/petroleum/data_publications/weekly_petroleum_status_report/current/txt/wpsr.txt
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