Markets Unresponsive To EIA, API Numbers

Published November 9th, 2000 - 02:00 GMT

Markets responded coolly to the weekly inventory reports of the American Petroleum Institute (API) and the Energy Information Administration (EIA) released on November 7th and 8th.  

 

The API numbers showed a 35,000-barrel build in crude stocks for the week ended November 3rd to 281.7 million barrels, down 29.8 million barrels from the same period in 1999. The group found gasoline stocks down 1.05 million barrels to 189.6 million barrels, compared with 194.4 million barrels in 1999. 

 

Distillate stocks, including heating oil, were up 1.3 million barrels to 115.2 million barrels, but down 20.2 million barrels from the previous year.  

 

The group showed refineries running at 93.8 percent of capacity for the week, down from 94.3 percent in the previous week, but up from 89.7percent in 1999.  

 

The EIA reported a 1.6 million-barrel build in crude stocks for the week ended November 3rd to 282.5 million barrels, compared with 303.7 million barrels in 1999. Gasoline stocks were seen down 2 million barrels to 186.1 million barrels, compared with 204.2 million barrels a year ago. 

 

Distillate fuel stocks showed a 2.1 million-barrel build to 115.7 million barrels, down 23.1 million barrels from the same period in 1999. Heating oil supplies increased by 1.1 million barrels to 48.3 million barrels, down 20.9 million barrels from 1999.  

 

The EIA’s numbers showed refinery utilization for the week at 94.2 percent, compared with 94.7 percent in the previous week. 

(oilnavigator)  

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