API WEEKLY REPORT \ CRUDE OIL INVENTORIES DECLINED IN LATEST WEEK

API WEEKLY REPORT \ CRUDE OIL INVENTORIES DECLINED IN LATEST WEEK

U.S. crude oil inventories declined by less than 1 million barrels in the week ended May 1, as compared with the previous week, the American Petroleum Institute's latest weekly supply bulletin shows.

Crude stocks were 342.3 million barrels, down modestly from 343.0 million barrels in the previous week.Primary inventories of distillate, used for diesel fuel and home heating, were 122.4 million barrels, up from 121.5 million in the previous week.

Primary inventories of gasoline were 288 million barrels, up from the previous week's 246 million.

Primary inventories are those held by refiners, importers and at pipeline terminals. They do not reflect stocks held by jobbers, retailers or consumers.

Total reformulated gasoline stocks were 127 million barrels, up from 118 million barrels the previous week.

Distillate production was 3.5 million barrels a day, up from 3.45 million the previous week. Distillate fuel imports were 98,000 barrels a day, up from 74,000 barrels a day in the prior week.

The refinery-utilization rate was 98.6 percent, up from the previous week's 95.7 percent.

Gasoline production was 7.98 million barrels a day, down from 8.1 million barrels in the previous week.

Imports of gasoline remained stable at 211,100 barrels a day, virtually the same as the previous week.

Crude oil imports were 8.8 million barrels a day, up from the previous week's 8.3 million barrels a day.

API WEEKLY REPORT

Thousands of Barrels

Week Week Week

Ended Ended Ended

5-1 4-24 5-2

1998 1998 1997

Total U. S.

DAILY OUTPUT

Gasoline 7,975 8,094 7,768

Jet Fuel 1,468 1,527 1,542

Distillate 3,543 3,458 3,561

Residual 775 888 603

Average daily output for the four-week period ended May 1, 1998 was: gasoline, 8,106, jet fuel, 1,500, distillate, 3,441 and residual, 843.

PRIMARY STOCKS

Gasoline 211,106 211,063 190,546

Jet Fuel 41,711 42,272 38,912

Distillate 122,431 121,500 97,562

Residual 38,880 39,850 41,813

Total 414,128 414,685 368,833

EXCLUDING WEST COAST

DAILY OUTPUT

Gasoline 6,583 6,739 6,403

Jet Fuel 1,123 1,104 1,051

Distillate 3,097 3,030 3,017

Residual 547 644 393

PRIMARY STOCKS

Gasoline 182,492 182,541 161,944

Jet Fuel 32,936 32,826 30,612

Distillate 110,209 108,484 85,206

Residual 32,813 33,670 34,932

Total 358,450 357,521 312,694

East Coast

DAILY OUTPUT

Gasoline 964 977 838

Jet Fuel 96 104 74

Distillate 448 417 474

Residual 116 135 97

PRIMARY STOCKS

Gasoline 60,195 59,266 49,906

Jet Fuel 10,224 10,067 10,438

Distillate 47,231 45,897 30,493

Residual 13,669 15,022 14,503

Total 131,319 130,252 105,340

New England

PRIMARY STOCKS

Gasoline 5,009 4,699 3,325

Jet Fuel 691 586 591

Distillate 10,425 9,383 4,935

Residual 955 1,123 1,770

DAILY IMPORTS

Gasoline 180 94 226

Distillate 65 122 298

Residual 1 30 91

CENTRAL ATLANTIC

PRIMARY STOCKS

Gasoline 32,622 31,722 25,246

Jet Fuel 5,341 5,293 3,322

Distillate 25,231 25,928 14,452

Residual 10,333 11,592 10,828

DAILY IMPORTS

Gasoline 7 44 161

Distillate 61 87 42

Residual 70 56 __

LOWER ATLANTIC

PRIMARY STOCKS

Gasoline 22,564 22,845 21,335

Jet Fuel 4,192 4,188 6,525

Distillate 11,575 10,586 11,106

Residual 2,381 2,307 1,905

DAILY IMPORTS

Gasoline 100 106 79

Distillate 37 15 37

Residual 52 __ __

ESTIMATED U. S. OUTPUT

OF CRUDE AND CONDENSATE

Total

U.S. 6,424.0 6,424.0 6,394.0

Excl. W.

Coast 4,206.0 4,206.0 4,115.0

W. Coast 2,218.0 2,218.0 2,279.0

Figures for production by state published at the end of each month.

CRUDE OIL STOCKS

Total

U.S. 342,347 343,044 315,689

Excl. W.

Coast 281,353 380,623 250,383

. Stocks by location, not by state of origin.

DAILY REFINERY CRUDE RUNS

Total

U.S. 15,572 15,113 14,578

Excl. W.

Coast 12,803 12,276 11,837

TOTAL REFINERY INPUT

Total

U.S. 16,579 16,337 16,025

Excl. W.

Coast 13,810 13,480 13,156

DAILY OIL IMPORTS

Week Week Week

Ended Ended Ended

5-1-98 4-24-98 5-2-97

Excluding West Coast

Crude 8,362 7,562 7,799

(Canada

Crude) (1,204) (1,295) (673)

Distillate 169 234 395

Residual 139 207 157

Other 256 226 253

Total 9,419 8,631 9,237

West Coast

Crude 411 725 307

(Canada

Crude) (118) (82) (104)

Products 61 90 71

Total 472 815 378

Total U.S.

Crude 8,773 8,287 8,106

(Canada

Crude) (1,322) (1,377) (777)

Products 1,733 1,729 2,027

Total 10,506 10,016 10,133

*Denotes revised figures.

NOTE: Jet fuel figures are for kerosene-type only. No. 4 oil included in distillate stocks figures, but not in distillate production.

INPUT CAPACITY TO

CRUDE PROCESSING UNITS

Operating Operating Capacity Utilizing Rate %

Total U.S. 15,786 98.6

Excl. W. Coast 12,857 99.6

INDICATED REFINERY YIELDS**

Week Week Month

Ends Ends Ends

5-1 4-24 5-24

1998 1998 1998

Gasoline 49.2 49.8 49.2

Jet Fuel 9.1 9.3 9.2

Distillate 20.9 20.9 20.6

Residual 5.1 5.2 5.2

** Based on total refinery input.