July 13, 2011 / 3:40 PM / 7 years ago

UPDATE 1-US crude and gasoline stocks fall as imports drop-EIA

 ———   API   ———    ———   EIA   ———
              Stocks  Change  Change   Stocks  Change  Change
            07/08/11    from    from  07/08/11   from    from
                      pvs wk  yr-ago           pvs wk  yr-ago Crude             359.4     2.3     5.9    355.5    -3.1     2.4 Distillate        145.4     4.8   -15.5    145.0     3.0   -17.6 Gasoline          208.4    -1.6   -13.5    211.7    -0.8    -9.3 Heating oil        34.4     1.5   -12.1     34.6     0.8   -13.1 RFG gasoline        0.0     0.0    -2.1      0.1     0.0    -1.7 Kerosene           44.5     2.0    -1.3     44.4     1.1    -3.4 Crude runs (bpd)   14.5    -0.2    -0.4     15.2    -0.1    -0.3 Refinery runs
 (percent)      84.9    -1.4    -2.2     88.0    -0.4    -2.5 Products supplied
 (4-week moving average)————————-18.9    -0.1    -0.3
 * Crude oil stocks fell 3.12 million bbls last week
 * Gasoline stocks fell by 840,000 bbls
 * Distillates stocks rose by 2.97 million barrels
 * U.S. refinery utilization fell 0.4 pct point to 88 pct
 * Crude imports fell 854,000 bpd to 8.97 bpd
 (Adds table, comment, price reaction and details.)
 NEW YORK, July 13  (Reuters) - U.S. crude and oil product stocks fell last week as crude imports dropped, U.S. Energy Information Administration data showed on Wednesday.
 Crude stocks fell a bigger-than-expected 3.12 million barrels to 355.46 million barrels in the week to July 8, EIA said. Analysts polled by Reuters had projected a 1.8 million barrel drawdown on average.
 The largest crude inventory drop came in the Gulf Coast states, the leading refining region, where commercial crude inventories were down 4.4 million barrels.
 U.S. gasoline stocks fell by 840,000 barrels to 211.7 million barrels, according to EIA data, compared with analyst projections for a 200,000 barrel rise. Average gasoline demand in the last four weeks was down 0.9 percent from year-ago levels, EIA said.
 U.S. oil futures turned positive following the data, trading up $1.15 at $98.58 a barrel by 11:20 a.m. EDT. Ahead of the data release, oil had been trading down 23 cents a barrel.
 “Today’s EIA data was moderately bullish, as both crude and gasoline stocks declined more than expected. Contributing was a sharp drop in imports as the market prepares for the release of the strategic petroleum reserves,” said Chris Jarvis of Caprock Risk Management in New Hampshire.
  U.S. crude imports fell by 854,000 barrels a day (bpd) to 8.97 million bpd, the EIA data showed. The largest drop in imports came in PADD 3, the Gulf Coast, where they were down 545,000 bpd.
 The United States plans to release more than 30 million barrels of crude from its Strategic Petroleum Reserve in the Gulf Coast over July and August. A government source said around 7 million barrels will be released in July, and another 23 million barrels will be released in August. [ID:nWNA3343]
 Distillates — which include heating oil and diesel — rose by 2.97 million barrels to 145.03 million barrels, compared with a smaller forecast rise of 400,000 barrels.
 Stockpiles at the Cushing, Oklahoma, hub for NYMEX crude deliveries rose 615,000 barrels to 37.65 million barrels.
 REFINERY OPERATIONS MIXED
 Refinery utilization was off by a 0.4 percentage point to 88 percent of capacity, compared with forecasts for a 0.2 percentage point rise.
 The largest drop in refinery runs came in the low-capacity Rocky Mountain region, where utilization slipped 7.2 percentage points to 86.6 percent last week, after Exxon Mobil Corp (XOM.N) cut rates at its 60,000 barrel-per-day (bpd) refinery in Billings, Montana.
 Exxon processed less there after its Silvertip crude oil pipeline, the refinery’s main supplier, ruptured on July 1 and spilled up to 1,000 barrels of oil into the Yellowstone River. The pipeline remains shut.
 Refining rates in the Gulf Coast region were down 2.9 percentage points, while they rose by 5 percentage points in both the East and West Coast regions, EIA data showed.
 On Tuesday, the American Petroleum Institute (API), an oil industry trade group, reported U.S. crude oil stocks rose by 2.3 million barrels last week, while gasoline stocks dropped 1.6 million barrels and distillates rose 4.8 million barrels. [ID:nN1E7651T2]
  (Reporting by Joshua Schneyer, Janet McGurty, Kristen Hays Eileen Moustakis and Selam Gebrekidan; editing by Sofina Mirza-Reid and David Gregorio)      

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