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EIA ANALYSIS: US supply/demand balances continue to tighten
Platts
New York
Petroleumworld.com 02 23 06
Supply/demand balances in the US continued to tighten as total petroleum
inventories declined for the fourth consecutive week and product supplies
picked up, as a result of an accelerated pace of demand for winter fuels, an
analysis of the weekly Energy Information Administration data showed February
22.Total US petroleum stocks fell 11.1 million barrels to 1,009.3 million
barrels the week ending February 16, leaving inventories 51.325 million
barrels above the five-year average, but 17.859 million barrels below year-ago
levels. Total product inventories declined 14.8 million barrels to 681.80
million barrels, which was 21.65 million barrels above the five-year average.
The surplus against the five-year average has eroded nearly 22 million barrels
over the past four weeks as a deep freeze across the US the past two weeks
increased demand for winter fuels.Distillate demand edged up 25,000 b/d to 4.734 million b/d, the second
highest level ever recorded and a decisive factor in the unexpectedly high 5
million barrel drop in distillates. Within distillates, heating oil
inventories fell 4.1 million barrels. The highest ever level of distillate
demand was 4.926 million b/d the week ending January 31, 2003. On a four-week
moving average, distillate demand at 4.659 million b/d was 414,000 b/d above
year-ago levels, or up 9.8%. The increase against year-ago levels in
distillate demand on a four-week moving average increased 2.8% from the
previous report. Demand for residual fuel oil and propane also markedly jumped
as result of the weather. Residual fuel oil demand at 946,000 b/d on a
four-week moving average was 132,000 b/d above year-ago levels for an increase
of 16.2%. Demand for propane at 1.864 million b/d was 364,000 b/d above
year-ago levels for 24.3% growth.--Linda Rafield, linda_rafield@platts.com
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Platts 22 GMT 02 07
Copyright© 2007 Platts. All Rights Reserved.
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