Mexico



Very usefull links



PW
Bookstore





News links

AP

AFP

Aljazeera

Dow Jones

Oil price

Reuters

Bloomberg

Views and News
from
Norway

 

 

 

 

 

EIA: U.S. crude stocks up, gasoline inventories up sharply

 

 

 

By Reuters

NEW YORK
Petroleumworld 02 28 2018

U.S. crude stocks rose last week even as refineries hiked output, while gasoline inventories posted a surprisingly large increase, the Energy Information Administration said on Wednesday.

Crude inventories rose by 3 million barrels in the week to Feb. 23, compared with expectations for an increase of 2.1 million barrels.

The surprise was the weekly jump in gasoline stocks , by 2.5 million barrels. Analysts had expected a 190,000-barrel drop.

“Clearly the market is being led down by gasoline where inventories have continued to rise over the last several months to the point that they are within 2 percent of last year's extraordinarily high inventories,” said Andrew Lipow, president at Lipow Oil Associates in Houston.

Gasoline futures were down sharply. RBOB futures slid 2.3 percent to $1.7620 a gallon, while U.S. crude lost 1.2 percent to $62.23 a barrel as of 10:47 a.m. EST (1547 GMT). London-based Brent dropped 1.2 percent to $65.82 a barrel.

Overall gasoline inventories rose to 251.8 million barrels, below levels seen in the last two years, but still above the five-year average for this time of year.

“The inventory levels certainly do not bode well for refining margins over the next couple of months,” said Lipow.

Refinery crude runs rose by 49,000 barrels per day, EIA data showed. Refinery utilization rates fell by 0.3 percentage points.

Stocks continued to fall at the Cushing, Oklahoma, delivery hub, where inventories fell by 1.2 million barrels, EIA said, the 10th consecutive week of declines. Inventories in Cushing now sit at just 28.8 million barrels, and have been halved over the last two-plus months.

Distillate stockpiles, which include diesel and heating oil, fell by 1 million barrels, versus expectations for a 709,000-barrel drop, the EIA data showed.

Net U.S. crude imports rose last week by 860,000 barrels per day.

 


Reporting by David Gaffen from Reuters

reuters.com /
02 28 2018

We invite all our readers to share with us
their views and comments about this article.
Write to editor@petroleumworld.com

By using this link, you agree to allow PW
to publish your comments on our letters page.

Any question or suggestions,
please write to: editor@petroleumworld.com

Best Viewed with IE 5.01+ Windows NT 4.0, '95,
'98,ME,XP, Vista, Windows 7,8,10 +/ 800x600 pixels

 

 

 

TOP

Contact: editor@petroleumworld.com,

Editor & Publisher:Elio Ohep/
Contact Email: editor@petroleumworld.com

CopyRight © 1999-2016, Paul Ohep F. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2017, Petroleumworld ™  / Elio Ohep - All rights reservedThis site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.