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 30th and 31st showed plummeting crude stock levels, as well as declining heating oil inventories.
The API report found crude oil stocks falling 5.6 million barrels to 282.8 million barrels, a slight increase of 177,000 barrels over the same period last year.
Gasoline stocks climbed 6.6 million barrels to 206.7 million barrels, an increase of 8.14 million barrels over the previous year.
Distillates, including heating oil, dropped 425,000 barrels to 113.7 million barrels, up 1.8 million barrels from 2000.
The API found refinery utilization for the week ended January 26th of 90.5 percent, compared with 90.0 percent the previous week and 87.7 percent in 2000.
The EIA report showed crude inventories shedding 3.6 million barrels to 282.6 million barrels, down 3.1 million barrels from the same period a year ago.
Gasoline stocks jumped 5.2 million barrels to 205.9 million barrels, an increase of 600,000 barrels over the previous year.
Distillates fell 1.7 million barrels to 114.5 million barrels, an increase of 4.1 million barrels over 2000, while heating oil stocks slipped 700,000 barrels to 48.2 million barrels, up 4.1 million barrels from last year.
The EIA also found refinery utilization for the week of 91.9 percent, up from 91.6 percent the previous week.
© 2001 Mena Report (www.menareport.com )