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Friday, December 15, 2017

High U.S. crude imports … high product imports … high stocks

According to U.S. Department of Energy / Energy Information Administration (DOE/EIA) U.S. imports of crude oil for the first seven weeks of 2005 amounted to 10.0 million barrels daily (mbd), or some 9.8% above the level for the same period in 2004. Imports in 2004 were on average some 10 mbd, or some 5% above the 2003 level. Commercial crude oil stocks on 18 February 2005 were about 8% above the level on 20 February 2004 and about 2% above the average level for the last three years. Strategic stocks passed 680 million barrels (mb) - the highest ever - 36 mb above the mid-February 2004 level and 82 mb above the mid-February 2003 level.

U.S. oil production for the first seven weeks of 2005 of 5.4 mbd was some 4.5% below the level for the same period in 2004. Oil production has increased since September when it dipped below 5 mbd. U.S. oil production in 2004 was 5.75 mbd, the same as in 2003.

U.S. gasoline imports were up 17% for the first seven weeks of 2005 compared to the level for the same period in 2004. However, U.S. gasoline imports were down 10% for the first seven weeks of 2004 compared to the level for the same period in 2003. U.S. gasoline stocks were 10% above the average for the last 3 years.

U.S. gasoline imports were, according to DOE/EIA, 0.686 mbd in 2001, 0.806 mbd in 2002, 0.846 mbd in 2003 and 0.881 mbd in 2004.

U.S. distillate imports for the first seven weeks of 2005 were 0.343 mbd compared to 0.437 mbd for the same period in 2004. U.S. distillate stocks were 6.6% below the average level over the last three years.

Contacts: Erik Ranheim or Jan Svenne