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Market Update : 
Crude Oil Inventories Decline
Author: 123jump.com Staff
123jump.com
Last Update: 11:49 AM ET July 23 2008



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U.S. commercial crude oil inventories decreased by 1.6 million barrels from the previous week. At 295.3 million barrels, U.S. crude oil inventories are in the lower half of the average range for this time of year. Total motor gasoline inventories increased by 2.9 million barrels last week, and are just above the upper boundary of the average range. Both finished gasoline inventories and gasoline blending components inventories increased last week.

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


U.S. crude oil refinery inputs averaged 15.1 million barrels per day during the week ending July 18, down 355 thousand barrels per day from the previous week''s average. Refineries operated at 87.1 percent of their operable capacity last week. Gasoline production rose last week, averaging 9.2 million barrels per day. Distillate fuel production decreased last week, averaging 4.6 million barrels per day.

U.S. crude oil imports averaged 9.8 million barrels per day last week, down 985 thousand barrels per day from the previous week. Over the last four weeks, crude oil imports have averaged nearly 10.1 million barrels per day, 144 thousand barrels per day above the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 1.1 million barrels per day. Distillate fuel imports averaged 102 thousand barrels per day last week.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 1.6 million barrels from the previous week. At 295.3 million barrels, U.S. crude oil inventories are in the lower half of the average range for this time of year. Total motor gasoline inventories increased by 2.9 million barrels last week, and are just above the upper boundary of the average range. Both finished gasoline inventories and gasoline blending components inventories increased last week. Distillate fuel inventories increased by 2.4 million barrels, and are in the upper half of the average range for this time of year. Propane/propylene inventories increased by 0.3 million barrels last week but remain below the lower limit of the average range. Total commercial petroleum inventories increased by 1.9 million barrels last week,and are in the lower half of the average range for this time of year.

Total products supplied over the last four-week period has averaged nearly 20.3 million barrels per day, down by 2.1 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 2.4 percent from the same period last year. Distillate fuel demand has averaged about 4.2 million barrels per day over the last four weeks, up by 3.6 percent from the same period last year. Jet fuel demand is 2.5 percent lower 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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