Crude Oil Stockpiles Drop, Gasoline Supplies Increase

Strategic Insights -

Crude oil stockpiles in the United States fell by 5.33 million barrels for the week ending December 17, 2010, marking the third consecutive week of decreases. This drop was well above expectations from analysts surveyed by Platts, contributing to a rise in crude prices to above $90 a barrel. Meanwhile, gasoline supplies continued to rise, increasing by 2.40 million barrels and exceeding analyst projections. Distillate fuel inventories, including diesel and heating oil, also saw a decrease of 589 thousand barrels.

Key Takeaways:

  • Crude oil stockpiles decreased by 5.33 million barrels for the week ending December 17, 2010, surpassing analyst expectations from Platts.
  • Gasoline supplies rose for the fifth consecutive week, increasing by 2.40 million barrels and exceeding analyst projections.
  • Distillate fuel inventories were down by 589 thousand barrels, despite an increase in demand.
  • Refinery utilization was down 0.3% from the previous week to 87.7%, as forecasted by analysts.
  • Crude supplies were 4.0% above the year-earlier level and remain above the upper limit of the average for this time of the year.
  • The crude supply cover was down from 23.8 days in the previous week to 23.1 days, while in the year-ago period the supply cover was 23.7 days.
  • Gasoline stockpiles were 0.4% above year-earlier levels, with current inventory levels at 217.2 million barrels.
  • Distillate supplies were 0.4% less than the year-ago level, with current inventory levels at 160.7 million barrels.

Statistics:

  • 5.33 million barrels: the decrease in crude oil stockpiles for the week ending December 17, 2010.
  • 2.40 million barrels: the increase in gasoline supplies for the fifth consecutive week.
  • 589 thousand barrels: the decrease in distillate fuel inventories.
  • 87.7%: refinery utilization rate, down 0.3% from the previous week.
  • 4.0%: the percentage by which crude supplies were above the year-earlier level.
  • 23.1 days: the crude supply cover as of the week ending December 17, 2010.
  • 217.2 million barrels: the current inventory level of gasoline supplies.
  • 160.7 million barrels: the current inventory level of distillate supplies.

Sources:

  • Zacks.com
  • Energy Information Administration (EIA)
  • Platts
  • Zacks Equity Research
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