U.S. inventories of gasoline and distillate fuels rose sharply in September, sending total stocks to their highest level in more than 2 years, American Petroleum Institute reported.
Stocks brimming
Total U.S. inventories for petroleum products increased to 1.03 billion bbl in September. Distillate stocks grew more than 6 million bbl to a new level of 136 million bbl. Gasoline inventories surged more than 10 million bbl to nearly 198 million bbl.
API said the increases were due to record imports and higher refinery output.
It said U.S. gasoline deliveries rose 5.5% to 8.1 million b/d, compared with 7.7 million b/d a year ago, even as gasoline pump prices modestly declined.
U.S. distillate deliveries were also strong. They rose 3.6% to 3,287,000 b/d from 3,172,000 b/d a year ago. API said that indicated the start of the home heating oil season and stronger demand for diesel fuel.
Record imports
Total U.S. imports of crude and products broke the previous record set in May, jumping to 8.7 million b/d. Gasoline imports remained steady despite a leveling of late summer demand. Distillate imports were lower than a year ago, demonstrating already ample U.S. supplies early in the home heating season.
U.S. crude production fell 2% to 6,352,000 b/d from 6,482,000 b/d in September 1996. API said output in the Lower 48 was steady, but Alaskan production of 1,265,000 b/d in September was down by more than 135,000 b/d from a year ago.
Privately held crude oil stocks were 305,700,000 bbl vs. 302,100,000 bbl a year ago. Gasoline inventories were 197,900,000 bbl, compared with 200 million bbl last year. And distillate stocks were 135,900,000 bbl vs. 115,000,000 bbl a year ago.
API said the September refinery utilization rate was 98.4%, up from 95.9% a year ago.
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