Industry Groups Report Large Crude Draws

Published March 8th, 2001 - 02:00 GMT

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 March 6th and 7th found crude inventories plunging in the week ending March 2nd.  

 

The API report showed crude stocks falling 3.9 million barrels to 275.8 million barrels, down 14.9 million barrels from the same period a year ago. Gasoline inventories fell 1.1 million barrels to 203.1 million barrels, an increase of 3.4 million barrels over 2000.  

 

Distillates also slipped 781,000 barrels to 114.5 million barrels, an increase of 8 million barrels over last year. The API found refinery utilization for the week of 91.2 percent, compared with 91.3 percent the previous week and 87.9 percent in 2000. 

 

The EIA reported crude stocks shedding 2.7 million barrels to 277.3 million barrels, down 11.6 million barrels from the same period a year ago.  

 

Gasoline inventories dropped 1.5 million barrels to 203 million barrels, an increase of 1.4 million barrels from 2000.  

 

Distillates slipped 1 million barrels to 115.6 million barrels, an increase of 10.7 million barrels over last year, while heating oil stocks lost 2.5 million barrels to 47 million barrels, an increase of 5.5 million barrels over 2000.  

 

The EIA also found refinery utilization for the week of 92.8 percent, up from 92.1 percent the prior week. 

(oilnavigator)  

© 2001 Mena Report (www.menareport.com)

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