EIA, API Differ On Crude Inventories
Weekly reports from the American Petroleum Institute (API) and the Energy Information Administration (EIA), the statistical arm of the U.S. Department of Energy (DOE), released on January 3rd and 4th found U.S. gasoline stocks rising, but showed discrepancies in crude and distillate inventory levels.
The API report showed a slight 64,000-barrel build in crude stocks to 289.04 million barrels, down 4.06 million barrels from the same period in 1999. Gasoline stocks were seen decreasing 2.68 million barrels to 193.77 million barrels, a rise of 3.52 million barrels over the previous year.
Distillate stocks, including heating oil, jumped 3.52 million barrels to 118.18 million barrels, down 6.08 million barrels from 1999.
The API report found refinery utilization for the week ended December 29th of 93 percent, down slightly from 93.4 percent in the previous week, but a significant jump over the same period in 1999.
The EIA report showed crude stocks falling 1.8 million barrels to 288.7 million barrels, representing an increase of 2.9 million barrels over the same period in 1999.
Gasoline stocks shed 2.6 million barrels to end at 193.8 million barrels, down 700,000 barrels from the previous year.
Distillates climbed 1.4 million barrels to 116.1 million barrels, down 10.9 million barrels from 1999, while heating oil inventories dropped 900,000 barrels to 47.5 million barrels, down 9.9 million barrels from a year ago.
The EIA also found refinery utilization for the week increasing 0.4 percent to 94.4 percent.
© 2001 Mena Report (www.menareport.com)