Weekly reports by the American Petroleum Institute (API) and the U.S. Department of Energy’s statistical arm, the Energy Information Agency (EIA), released on November 14th and 15th indicated modest gains in U.S. crude oil and gasoline stocks and further drops in heating oil inventories.
The API found an increase in crude inventories of 2.52 million barrels to 284.2 million barrels, down 24.8 million barrels from the same period in 1999. Gasoline stocks were also up 3.42 million barrels to 193.1 million barrels, an increase of 3.59 million barrels over 1999.
Distillate stocks were down 60,000 barrels to 115.2 million barrels, representing a 19.4 million-barrel drop from a year ago. The API also found refinery utilization down 0.7 percent to 93.1 percent.
The EIA reported crude stocks rising 1.5 million barrels to 284 million barrels, a drop of 18.3 million barrels from the previous year. Gasoline inventories increased 2.9 million barrels to 189 million barrels, down 15.5 million barrels from 1999.
Distillates were seen down 500,000 barrels to 115.2 million barrels, a drop of 24.2 million barrels over the same period in 1999. Heating oil stocks also fell 500,000 barrels to 47.8 million barrels, representing a 21.4 million-barrel decrease over a year ago.
The EIA numbers found refinery utilization for the week at 93.9 percent, down from 94.2 percent in the previous week. U.S. crude prices on the New York Mercantile Exchange (NYMEX) rose 25 cents to $35.12 by mid-day, based, in part, on the reports.