EIA Petroleum Status ReportReleased on 11/17/2010 10:30:00 AM For wk11/12, 2010
ActualCrude oil inventories (weekly change)
-7.3 M barrelsHighlights
A decline in oil imports made for the year's biggest draw of 7.3 million barrels in the November 12 week to 357.6 million. Imports averaged 7.9 million barrels per day, down 0.8 million barrels from the prior week for the lowest level since January.
There were also large draws on the product side with gasoline down 2.7 million barrels to 207.7 million and distillates down 1.1 million to 158.8 million. Imports of both were also down in the week. Demand is steady, at 9.1 million barrels per day for gasoline and 4.1 million per day for distillates for respective on-year gains of 1.8 percent and 13.9 percent. Production data show refineries operating at 84.0 percent of capacity, for a slight increase in the week. Refineries produced slightly less gasoline in the week, at 8.9 million barrels per day, and slightly more distillates at 4.3 million.
An offset to the sweep of draws is a large 1.3 million barrel build in oil at the Cushing hub to 33.1 million barrels. Oil jumped nearly 50 cents in immediate reaction to the data before quickly falling back to $82.
Definition
The Energy Information Administration (EIA) provides weekly information on petroleum inventories in the U.S., whether produced here or abroad. The level of inventories helps determine prices for petroleum products.
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