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 February 27th and 28th showed crude inventories climbing for the week ended February 23rd, but not enough to recover from the previous week’s 12-million-barrel crude draw.
The API found crude stocks rising 2.2 million barrels to 280.9 million barrels, down 3.1 million barrels from the same period in 2000.
Gasoline stocks slipped 1.1 million barrels to 204.1 million barrels, an increase of 8.4 million barrels over the previous year.
Distillate stocks fell 992,000 barrels to 115.2 million barrels, an increase of 8.4 million barrels over last year.
The API reported refinery utilization for the week of 91.3 percent, compared to 90.1 percent the previous week and 88.0% last year.
The EIA report showed crude stocks gaining 2.9 million barrels to 280 million barrels, down 8 million barrels from the same period a year ago.
Gasoline stocks dipped 100,000 barrels to 204.5 million barrels, an increase of 1.4 million barrels over 2000. Distillates plunged 1.1 million barrels to 116.6 million barrels, an increase of 11 million barrels over last year, while heating oil stocks rose 600,000 barrels to 49.5 million barrels, an increase of 8 million barrels over the previous year. The group found refinery utilization for the week of 92.1 percent, up from 90.3 percent a week ago.
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