Crude Oil Stocks Decline Amid Rising Refinery Use

Strategic Insights -

Crude oil stocks continued to shrink last week, dipping to an eight-year low as refineries operated at higher levels of capacity. Despite increased import volumes, the decline in crude inventories was the largest in the West Coast region. Meanwhile, gasoline and heating oil production increased, with stocks of both products rising as well.

Key Takeaways:

  • Crude oil stocks declined by 311,000 bbl to 317.62 million bbl for the week ending July 14, 1995, according to the American Petroleum Institute (API).
  • Refinery operations strengthened by 1 percentage point to 95.1% of capacity, with total crude runs to processing units rising 140,000 b/d to 14.54 million b/d.
  • Gasoline production increased 187,000 b/d to 7.85 million b/d, led by an increase in West Coast production.
  • Heating oil production also increased 187,000 b/d to 1.26 million b/d, led by a 204,000 b/d jump in East Coast production.
  • Stocks of heating oil rose by 2.59 million bbl to 58.08 million bbl, with a 2.98 million bbl increase on the East Coast.
  • Gasoline stocks were estimated to be up by 560,000 bbl to 208.17 million bbl, led by a 1.55 million bbl increase on the West Coast.

Statistics:

  • Crude oil stocks declined by 311,000 bbl for the week ending July 14, 1995.
  • Refineries operated at 95.1% of capacity, up 1 percentage point from the previous week.
  • Total crude runs to processing units rose 140,000 b/d to 14.54 million b/d.
  • Gasoline production increased 187,000 b/d to 7.85 million b/d.
  • Heating oil production increased 187,000 b/d to 1.26 million b/d.
  • Stocks of heating oil rose by 2.59 million bbl to 58.08 million bbl.
  • Gasoline stocks increased by 560,000 bbl to 208.17 million bbl.

Sources:

  • American Petroleum Institute (API) weekly report.
  • Energy Information Administration (EIA) report for the week ending July 14, 1995.