EIA: Crude Oil Inventories Declined By 7.3 Million Barrels, 1.2 Million Rise Expected, Still Above Average Range (11/12/2010 Report)

Below is an excerpt from the 11/12/2010 Weekly Petroleum Report via the Energy Information Administration (EIA). I noted the drop in oil imports and inventories. U.S. crude oil stocks (inventories) were down on the week but remained above the average range.

"U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 7.3 million barrels from the previous week (Analysts polled by Platts expected a 1.2 million barrel increase). At 357.6 million barrels, U.S. crude oil inventories are above the upper limit of the average range for this time of year. Total motor gasoline inventories decreased by 2.7 million barrels last week and are in the upper half of the average range. Both finished gasoline inventories and blending components inventories decreased last week. Distillate fuel inventories decreased by 1.1 million barrels and are above the upper boundary of the average range for this time of year. Propane/propylene inventories increased by 0.9 million barrels last week and are in the lower half of the average range. Total commercial petroleum inventories decreased by 9.1 million barrels last week."

"U.S. crude oil imports averaged 7.9 million barrels per day last week, down by 225 thousand barrels per day from the previous week. Over the last four weeks, crude oil imports have averaged 8.5 million barrels per day, 64 thousand barrels per day below the same four-week period last year."

Read the full report with data tables and charts at EIA.gov

More Analysis:
UPDATE 2-US crude stocks plunge most in over 14 months-EIA - Reuters
EIA ANALYSIS: Product stocks drop on abnormally low imports - Platts.com

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