API reports US crude stocks at lowest level in 26 years

US crude oil inventories have declined 3 months in a row to the lowest level in 26 years, the American Petroleum Institute said Wednesday. Stocks were 276.4 million bbl at the end of February, down 10 million bbl from a month earlier, and 4.2% lower than they were at this time a year ago. But API said inventories were 7.6 million bbl above the estimated minimum safe operating level.

March 14, 2001

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WASHINGTON, Mar.14�US crude oil inventories have declined 3 months in a row to the lowest level in 26 years, the American Petroleum Institute said Wednesday.

API said crude stocks were 276.4 million bbl at the end of February, down 10 million bbl from a month earlier, and 4.2% lower than they were at this time a year ago.

It said despite the unusually large decline, crude stocks were 7.6 million bbl above the National Petroleum Council's estimated minimum safe operating level.

Crude oil imports in February were 8.1 million b/d, up just 1% from a year ago. However, refined imported products of 2.4 million b/d brought total petroleum imports 2.4% higher than in February 2000, the report said.

Gasoline inventories lost 900,000 bbl over the past month and, at 203.2 million bbl, were less than 1% above year ago levels.

API said with another type of summer reformulated gasoline (RFG) due on retail markets June 1, national RFG inventories were 40.6 million bbl for the week ended Mar. 2, about 6% higher than a year ago. RFG supplies were among several simultaneous problems last June that led to significant retail price spikes in the Midwest.

February gasoline deliveries, a key measure of demand, were 7.966 million b/d, down 3.1% from a year ago. API said so far this year, deliveries have increased just 0.8%, but that small increase is likely to be wiped out by revised Department of Energy data in a few months.

Deliveries of high-sulfur distillate fuel oil, the kind most often used as home heating oil, were up 9.8% at 1.354 million b/d from a year ago. Together, high and low sulfur distillate deliveries were 2.5% higher than a year ago.

Crude production in the Lower 48 States was 4.898 million b/d, down 0.4% from February 2000, while Alaskan production was down 4% at 990,000 b/d. Total domestic petroleum stocks were up 1.7% at 916.2 million bbl.

API said input to refinery distillation units was 14.983 million b/d, a 5% increase over last year. The refinery utilization rate was 90.6%.