API WEEKLY REPORT \ CRUDE OIL STOCKS RISE BY 2.2 MILLION BARRELS

API WEEKLY REPORT \ CRUDE OIL STOCKS RISE BY 2.2 MILLION BARRELS

U.S. crude oil stocks rose by more than 2 million barrels in the week ended March 27, as compared with the previous week, the American Petroleum Institute's latest weekly supply bulletin shows.

Crude stocks were 328.9 million barrels, up from 326.7 million barrels in the previous week.Crude oil imports were 8.8 million barrels a day, up from the previous week's 8.7 million barrels a day.

Gasoline production was 7.97 million barrels a day, up from 7.7 million barrels a day in the previous week, and up from 7 million barrels in the year-earlier period.

Imports of gasoline rose to 214,977 barrels a day from 214,150 barrels a day in the previous week.

Primary inventories of gasoline were 214.9 million barrels, up slightly from the previous week's 214.1 million, and up from the 197.2 million barrels on hand a year earlier.

Primary inventories of distillate, used for diesel fuel and home heating, were 123.4 million barrels, down from 124.3 million in the previous week, but higher than the 99.4 million barrels on hand in the year-earlier period.

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 83 million barrels, down from 163 million barrels the previous week and less than the 210 million barrels in inventory in the year-earlier period.

Distillate production was 3.43 million barrels a day, down from 3.45 million barrels a day in the previous week.

Distillate fuel imports were 283,000 barrels a day, up sharply from 136,000 barrels a day in the prior week.

The refinery-utilization rate was 94.1 percent, down from the previous week's 95.0 percent.

API WEEKLY REPORT

Thousands of Barrels

Week Week Week

Ended Ended Ended

3-27 3-20 3-28

1998 1998 1997

Total U. S.

DAILY OUTPUT

Gasoline 7,973 7,683 7,041

Jet Fuel 1,498 1,505 1,510

Distillate 3,427 3,451 3,264

Residual 832 891 648

Average daily output for the four-week period ended Mar. 27, 1998 was: gasoline, 4,967, jet fuel, 933, distillate, 2,135 and residual, 518.

PRIMARY STOCKS

Gasoline 214,977 214,151 197,212

Jet Fuel 41,584 40,681 38,569

Distillate 123,431 124,259 99,426

Residual 39,468 38,207 39,857

Total 419,460 417,298 375,064

Excluding West Coast

DAILY OUTPUT

Gasoline 6,617 6,361 5,817

Jet Fuel 1,072 1,058 1,093

Distillate 3,008 3,057 2,835

Residual 591 633 434

PRIMARY STOCKS

Gasoline 184,911 184,349 170,564

Jet Fuel 32,659 32,469 30,141

Distillate 111,985 112,019 89,163

Residual 33,040 32,656 33,672

Total 362,595 361,493 323,540

East Coast

DAILY OUTPUT

Gasoline 983 879 708

Jet Fuel 81 83 56

Distillate 442 468 322

Residual 102 132 110

PRIMARY STOCKS

Gasoline 58,272 55,264 54,565

Jet Fuel 9,379 9,673 10,648

Distillate 44,160 44,116 31,533

Residual 14,286 13,965 14,789

Total 126,097 123,018 111,535

New England

PRIMARY STOCKS

Gasoline 5,985 5,246 4,410

Jet Fuel 557 652 685

Distillate 8,831 9,407 4,825

Residual 927 1,011 1,886

DAILY IMPORTS

Gasoline 83 170 104

Distillate 117 65 117

Residual 1 1 73

Central Atlantic

PRIMARY STOCKS

Gasoline 28,593 28,569 28,715

Jet Fuel 4,215 4,719 3,679

Distillate 25,372 24,961 16,477

Residual 11,033 10,584 10,564

DAILY IMPORTS

Gasoline 12 11 __

Distillate 142 37 50

Residual 36 128 __

Lower Atlantic

PRIMARY STOCKS

Gasoline 23,694 21,449 21,440

Jet Fuel 4,607 4,302 6,284

Distillate 9,957 9,748 10,231

Residual 2,326 2,370 2,339

DAILY IMPORTS

Gasoline 82 60 170

Distillate 11 27 29

Residual 81 __ 70

ESTIMATED U. S. OUTPUT

OF CRUDE AND CONDENSATE

Total

U.S. 6,406.0 6,406.0 6,402.0

Excl. W.

Coast 4,186.0 4,186.0 4,123.0

W. Coast 2,220.0 2,220.0 2,279.0

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

CRUDE OIL STOCKS

Total

U.S. 328,949 326,001 308,900

Excl. W.

Coast 264,532 261,419 245,495

. Stocks by location, not by state of origin.

DAILY REFINERY CRUDE RUNS

Total

U.S. 14,858 14,999 14,441

Excl. W.

Coast 12,134 12,333 11,848

TOTAL REFINERY INPUT

Total

U.S. 16,051 15,924 15,365

Excl. W.

Coast 13,264 13,258 12,705

DAILY OIL IMPORTS

Week Week Week

Ended Ended Ended

3-27-98 3-20-98 3-28-97

Excluding West Coast

Crude 8,564 8,292 7,694

(Canada

Crude) (1,051) (1,074) (952)

Distillate 281 135 206

Residual 118 129 192

Other 218 275 148

Total 9,402 9,036 8,639

West Coast

Crude 266 432 330

(Canada

Crude) (75) (80) (90)

Products 90 61 94

Total 362 493 424

Total U.S.

Crude 8,830 8,724 8,024

(Canada

Crude) (1,126) (1,154) (1,042)

Products 1,664 1,568 1,551

Total 10,494 10,292 9,575

*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

Oper-

Oper- ating

ating Utilizing

Capacity Rate %

Total U.S. 15,786 94.1

Excl. W. Coast 12,857 94.4

INDICATED REFINERY YIELDS**

Week Week Month

Ends Ends Ends

3-27 3-20 3-20

1998 1998 1998

Gasoline 47.8 47.7 47.0

Jet Fuel 9.4 9.4 9.2

Distillate 21.3 21.7 21.6

Residual 4.9 4.7 4.6

** Based on total refinery input.