November 16, 2011 / 4:44 PM / 7 years ago

UPDATE 1-US crude stocks fall with higher refinery rates-EIA

------   API   ------    ------   EIA    -----
                 Stocks  Change  Change   Stocks  Change  Change
               11/11/11    from    from  11/11/11   from    from
                         pvs wk  yr-ago           pvs wk  yr-ago
Crude             341.3     1.3   -11.2    337.0    -1.1   -20.6
Distillate        139.0    -2.6   -18.6    133.7    -2.1   -25.1
Gasoline          204.2    -2.9   -10.5    205.2     1.0    -2.5
Heating oil        38.5     1.1   -13.3     37.5     0.8   -14.3
RFG gasoline        0.1     0.0    -0.5      0.2     0.0    -0.5
Kerosene           43.7    -1.2    -0.2     42.7    -1.9    -2.1
Crude runs (bpd)   14.4     0.4     0.6     14.7     0.3     0.4
Refinery utilization
    (percent)      83.5     1.8     2.0     84.2     2.2     0.8
Products supplied
    (4-week moving average)-----------------19.2     0.2    -0.1
    * Crude oil stocks fall 1.06 million barrels last week
    * Gasoline stocks rise 992,000 barrels
    * Distillate stocks fall 2.14 million barrels
    * Biggest 7-week distillate drawdown since February 2004
    * Four-week avg. distillate demand highest since April 2008
    (Adds table, detail, analyst quote)
    Nov 16 (Reuters) - U.S. crude stocks last week fell as forecast
as refinery rates increased and imports dropped, U.S. Energy
Information Administration data showed on Wednesday.
    Crude stocks in the United States fell 1.06 million barrels to
337.03 million barrels in the week to Nov. 11, the EIA said. Analysts
polled by Reuters had projected a 1.2-million-barrel draw on
average.
    Refinery utilization rose 2.2 percentage points to 84.8 percent
of capacity, far ahead of analysts' expectations of a
0.4-percentage-point gain, the report said. Crude imports fell 53,000
barrels per day (bpd) to 8.53 million bpd.
    Gasoline stocks rose 992,000 barrels to 205.16 million barrels,
compared with a 700,000-barrel draw forecast by analysts. Average
gasoline demand in the last four weeks was 5.7 percent lower than a
year earlier, the EIA said.
    Distillates, which include heating oil and diesel, fell for the
seventh straight week, logging the biggest seven-week drop since
February 2004, EIA data showed. Stocks fell by 2.14 million barrels
to 133.73 million barrels, in line with the average forecast for a
2.1-million-barrel draw.
    Four-week average demand for distillates last week was 5.1
percent higher than the year-ago period, the EIA data showed.
    Stockpiles at the Cushing, Oklahoma hub for crude deliveries on
the New York Mercantile Exchange rose 890,000 barrels.
    "The report is neutral to bullish on the strong demand data for
distillate fuels and the continued distillate drawdown being offset
by poor gasoline demand," said John Kilduff, partner at Again Capital
LLC in New York.
    U.S. oil futures extended gains following the data, trading up
$2.55 at $109.92 per barrel by 10:44 a.m. EST (1544 GMT). U.S. crude
had been up around $2.30 a barrel before the data.
    Distillate exports rose 36,000 bpd to 948,000 bpd while gasoline
exports fell 7,000 bpd to 529,000 bpd. The EIA updates its estimates
of weekly refined-products exports every four weeks.
    Oil industry group American Petroleum Institute reported on
Tuesday that U.S. crude oil stocks rose by 1.3 million barrels last
week, gasoline stocks fell 2.9 million barrels and distillates fell
2.6 million barrels.
 (Reporting by Edward McAllister, Selam Gebrekidan and Robert Gibbons
in New York; Editing by Dale Hudson and Marguerita Choy)
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