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Old October 13th, 2005, 07:49   #1
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Default Fuel Drawdown Continues, Price Up on Commodity Mkt

Fuel reserves decline by more than expected, prices up on the commodoties exchange. Here is the continued bad news from the EIA from this week's just released Petroleum Update:

Summary of Weekly Petroleum Data for the Week Ending October 7, 2005

U.S. crude oil refinery inputs averaged nearly 12.6 million barrels per day during the week ending October 7, up 868,000 barrels per day from the previous week's average, as some Gulf Coast refiners were able to begin operating again. Refineries operated at 74.9 percent of their operable capacity last week (capacity temporarily lost is not subtracted from operable capacity). Gasoline and distillate fuel production both rose, averaging nearly 7.9 million barrels per day and over 3.2 million barrels per day, respectively.

U.S. crude oil imports averaged over 8.6 million barrels per day last week, up 500,000 barrels per day from the previous week. Over the last four weeks, crude oil imports have averaged nearly 9.1 million barrels per day, a decrease of 774,000 barrels per day from the comparable four weeks last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged over 1.4 million barrels per day, setting a weekly record for the second week in a row, while distillate fuel imports averaged 269,000 barrels per day.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 1.0 million barrels from the previous week. At 306.4 million barrels, U.S. crude oil inventories remain above the upper end of the average range for this time of year. Total motor gasoline inventories dropped by 2.7 million barrels last week, putting them below the lower end of the average range. Distillate fuel inventories fell by 3.4 million barrels last week, and are now in the lower half of the average range for this time of year. Inventories fell for both low-sulfur (diesel fuel) distillate fuel and high-sulfur (heating oil) distillate fuel. Total commercial petroleum inventories declined by 6.9 million barrels last week, but remain in the upper half of the average range for this time of year.

Total product supplied over the last four-week period has averaged over 20.0 million barrels per day, or 2.8 percent less than averaged over the same period last year. Over the last four weeks, motor gasoline demand has averaged over 8.8 million barrels per day, or 2.4 percent below the same period last year. Distillate fuel demand has averaged 3.9 million barrels per day over the last four weeks, or 4.0 percent below the same period last year. Kerosene-type jet fuel demand is down 4.4 percent over the last four weeks compared to the same four-week period last year."

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