U.S. stocks log biggest 1-month gain since 1990

U.S. crude oil inventories have logged their biggest 1-month gain since 1990, American Petroleum Institute reported. U.S. crude oil inventories jumped 7.4% in October to 343.2 million bbl and were 8.6% higher than the same time a year ago. It said the 7.4% increase was due to reduced refinery runs on the Gulf Coast and East Coast amid little change in the rate of U.S. oil imports. Estimated U.S. gasoline deliveries were 8.31 million b/d, up 2.1% from October 1997.
Nov. 30, 1998
2 min read

U.S. crude oil inventories have logged their biggest 1-month gain since 1990, American Petroleum Institute reported.

U.S. crude oil inventories jumped 7.4% in October to 343.2 million bbl and were 8.6% higher than the same time a year ago.

It said the 7.4% increase was due to reduced refinery runs on the Gulf Coast and East Coast amid little change in the rate of U.S. oil imports.

Products supply

Estimated U.S. gasoline deliveries were 8.31 million b/d, up 2.1% from October 1997.

API said much of this year's growth in gasoline reflects lower retail prices: Regular self-serve gasoline averaged $1/gal in October, 14% below the October 1997 level.

Mild weather in the U.S. Northeast and Midwest contributed to a fall in distillate deliveries last month. They were 3.409 million b/d, off 6.6% vs. October 1997. Jet fuel deliveries continued to lag year-ago levels at 1.521 million b/d, down 4.9% from October 1997.

Residual fuel oil deliveries rose for the fifth straight month and were 887,000 b/d, 25.5% higher than in October 1997.

Total products supplied to the U.S. market were 18.867 million b/d, down 1.1% from a year ago. Total stocks were 1.092 billion bbl, up 5.5% from a year ago.

Prices, production, imports

Prices for West Texas intermediate crude averaged $14.35/bbl in October, down about 30% from October 1997.

API said low oil prices have caused an estimated 4% drop in U.S. onshore oil production so far in 1998, compared with the same period in 1997. Alaskan production fell 8% in October. Overall U.S. output was 6.22 million b/d, a 3.8% drop from October 1997. U.S. crude imports in October averaged 8.414 million b/d, a 5.7% drop from the prior-year level.

Imported products were 2.075 million b/d, breaking the 2 million b/d level for the first time in more than a year, for an 11.3% gain over October 1997.

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