GASOLINE, FUEL OIL STOCKS SHRINK

GASOLINE, FUEL OIL STOCKS SHRINK

Supplies of distillate fuel and gasoline declined last week, according to the latest supply bulletin from the American Petroleum Institute.

For the week ended March 11, distillate inventories dropped to 102.4 million barrels from 108 million barrels the week before and 112.7 million barrels in the same week a year ago.Distillate production increased slightly to 2.7 million barrels a day from 2.6 million b/d in the preceding week and was also higher than the 2.2 million b/d recorded a year earlier.

Distillate imports dropped to 251,000 b/d from 327,000 b/d in the preceding week and 302,000 b/d in the same week last year, the API said.

Gasoline stocks declined slightly to 233.9 million barrels from 237.5 million barrels in the prior week and remained below levels of 248.4 million barrels a year ago, the institute said.

The unleaded portion of gasoline inventories also declined to 144.7 million barrels compared with 148.4 million barrels a week earlier, but was substantially above levels of 137.4 million barrels in the same week a year ago.

Gasoline production fell slightly to 6.7 million b/d from 6.8 million b/d the preceding week but was above the 6.4 million b/d a year ago at this time.

Production of unleaded gasoline held steady at 5.4 million b/d, the same level as in the previous week, but was well above the 4.8-million-b/d production level at this time last year.

Imports of gasoline dropped to 60,000 b/d from 184,000 b/d a week earlier and 140,000 b/d at this time last year.

U.S. refineries operated at 83.3 percent of capacity, compared with 82.5 percent in the preceding week and just 75.7 percent in the same week a year earlier.

Imports of crude oil declined to 4.5 million b/d from 4.7 million b/d in the previous week but were substantially higher than the import level of 3.8 million b/d at this time last year.

Crude oil stocks fell to 340.5 million barrels from 341.9 million barrels a week earlier and remained above year-ago levels of 325.2 million barrels.