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    API: U.S. oil inventories at 3-year high

    Dec. 22, 1997
    The American Petroleum Institute said that deliveries of petroleum products to the U.S. market in November were up 1.8% from a year ago, averaging 18,872,000 b/d. Deliveries, a key measure of demand, were up in all categories compared with a year ago. API said the deliveries suggested its 2% estimate of the underlying rate of growth in petroleum demand this year is on track. "Reflecting the wide availability of oil on world markets, imports of crude oil in November arrived at rates greater than

    The American Petroleum Institute said that deliveries of petroleum products to the U.S. market in November were up 1.8% from a year ago, averaging 18,872,000 b/d.

    Deliveries, a key measure of demand, were up in all categories compared with a year ago. API said the deliveries suggested its 2% estimate of the underlying rate of growth in petroleum demand this year is on track.

    "Reflecting the wide availability of oil on world markets, imports of crude oil in November arrived at rates greater than needed to supply current refinery inputs.

    Stocks soaring

    "The 8 million bbl build during the month brought crude's inventory rise to almost 20 million bbl since August, a build matched only once in the past decade," API said.

    U.S. crude oil stocks at the end of the month were 320 million bbl.

    API said total U.S. stocks of crude and petroleum products at the end of November were 1,028,000,000 bbl, up 8% from a year ago, but down 0.6% from the prior month. Inventories were at their highest November level in 3 years.

    U.S. distillate stocks, at 135 million bbl, were 13 million bbl ahead of levels a year ago and well-positioned for the current stage of the winter heating season, API said.

    U.S. gasoline stocks were at their highest November level in 3 years. Average retail prices of gasoline continued to decline during November, with regular unleaded gasoline averaging $1.13/gal, down about 10¢ from August's peak.

    API said November gasoline deliveries were up 0.7% at 7,972,000 b/d and distillate up 3% at 3,544,000 b/d, both compared with November 1996.

    "The strong U.S. economy has led to the increase in diesel fuel demand for transportation. It has been cooler this season than last year in states where heating oil is used, with the consequence that demand has been 40,000-60,000 b/d higher than during a normal winter."

    November U.S. jet fuel deliveries were up 4.6% at 1,661,000 b/d, and residual oil deliveries were up 11.3% at 828,000 b/d.

    Other parameters

    Total U.S. imports of crude and petroleum products in November averaged 9,582,000 b/d, up 3.7%.

    U.S. oil production fell 1.7% in November to 6,366,000 b/d. Alaskan output dropped, while production in the Lower 48 was unchanged.

    U.S. natural gas liquids production was off 2.6% at 1,865,000 b/d last month.

    In November, U.S. refineries operated at 94.1% of operable capacity.

    Copyright 1997 Oil & Gas Journal. All Rights Reserved.

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