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 23rd and 24th found crude stockpiles declining, but differed on distillate stock figures.
The API report showed crude inventories plummeting 1.99 million barrels to 288.44 million barrels, down 3.14 million barrels from the same period a year ago.
Gasoline stocks climbed 2.21 million barrels to 200.1 million barrels, an increase of 1.33 million barrels over the previous year.
Distillates slipped 826,000 barrels to 114.14 million barrels, down 531,000 barrels from 2000. The API reported refinery utilization for the week ended January 19th of 90.0 percent, down 1.7 percent from the previous week, but a significant rise over the same period in 2000.
The EIA report showed crude stocks falling 1.1 million barrels to 286.2 million barrels, an increase of 900,000 barrels over the same period a year ago.
Distillates stocks were seen up 1 million barrels to 116.2 million barrels, while heating oil inventories rose 2.1 million barrels.
The EIA reported refinery utilization for the week of 91.6 percent, down from 93.3 percent the previous week.
© 2001 Mena Report (www.menareport.com)
