U.S. distillate inventories reached their highest level in 11 years as the heating season began Oct. 1, American Petroleum Institute reported.
It pegged distillate stocks then at 152.7 million bbl, up 10.1% from a year ago.
On the U.S. East Coast, the largest heating oil market, distillate stocks reached nearly 73 million bbl, about 12 million bbl more than a year ago.
U.S. crude oil stocks at the end of September were 319.7 million bbl, a 5.2% rise from a year ago, but down 3.9% from the prior month. The refinery utilization rate in September was 95.5%. Imported crude averaged 8.52 million b/d, a 3.6% drop from September 1997. Products imports were 10.44 million b/d, down 0.9%.
September gasoline deliveries, a key measure of U.S. demand, averaged 8.44 million b/d, an unusually large increase-for the season-of 5.2% from September 1997. Gasoline stocks were 208.5 million bbl, up 5.1% on the year. Kerosine jet fuel deliveries declined for the fifth straight month to 1.524 million b/d, a drop of 3.8% from September 1997, while residual oil deliveries rose 6.6% to 850,000 b/d. Total deliveries of U.S. crude and products were 18.655 million b/d, a 0.5% increase from a year ago. Total stocks at the end of September were 1.090 billion bbl, up 5.9% from a year ago.
U.S. production of crude oil was 6.192 million b/d, down 4.5% from September 1997.
Copyright 1998 Oil & Gas Journal. All Rights Reserved.
