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 April 3rd and 4th showed slight crude builds and large product draws for the week ended March 30th.
The API found crude stocks gaining 560,000 barrels to 303.2 million barrels, up 9.1 million barrels from the same period a year ago.
Gasoline inventories fell for the sixth straight week, plunging 4.3 million barrels to 192.2 million barrels, down 10 million barrels from 2000. Distillate stocks fell 3.9 million barrels to 106.5 million barrels, an increase of 6.9 million barrels over last year.
The API found refinery utilization for the week of 88.6 percent, compared with 89.5 percent the previous week and 91.4 percent a year ago.
The EIA reported crude stocks climbing 1.7 million barrels to 303.2 million barrels. Gasoline supplies were at their lowest level since November, losing 3.3 million barrels to 193 million barrels, down 11.2 million barrels from the same period a year ago.
The EIA reported crude runs on the U.S. east coast falling 13 percent for the week to 1.21 million b/d, down 27 percent from a month ago.
Crude prices rose dramatically on April 4th with news of the significant product shortfalls. The front month price for U.S. benchmark crude West Texas Intermediate (WTI) topped $27 a barrel at mid-day.
© 2001 Mena Report (www.menareport.com)