US Gulf Coast production again near record on high run rate: EIA
Houston (Platts)--8Sep2011/1252 pm EDT/1652 GMT
US Gulf Coast production of ultra low sulfur diesel steadied last
week just below the previous week's record, government statistics showed
Thursday, although total US output dipped as East Coast refineries shut
due to hurricane threats.
US production dropped from an all-time high of 4.1 million b/d to 3.93
million b/d, with most of the decline in the Atlantic Coast, down
127,000 b/d to 164,000 b/d, according to data from the US Energy
Information Administration. The statistics are for the week ending
September 2, bracketed by hurricanes Irene and Katia over Eastern
seaboard.
USGC output dropped just 11,000 b/d off its record to 2.28 million b/d
for the week ending September 2.
US production is still 12.5% higher than the same week last year,
while the USGC output is 27% higher, EIA said. The USGC refinery run
rate rose 2.4 percentage points to 94.2%, the highest level since EIA
began tracking regional rates in June 2010. The US run rate, or use of
refinery operational capacity, dropped slightly to 89% but remains near
the highs of the last year.
ULSD differentials for USGC declined more than a half-cent to NYMEX
October heating oil futures minus 1.75 cents/gal ahead of the EIA
morning release, and stayed there afterward with little action, traders
said.
USGC stocks rose 1.16 million barrels week-on-week to 41.1 million
barrels, which is about 2% lower than the same week last year. US stocks
of ULSD were relatively unchanged at 103.6 million barrels, EIA said.
US low sulfur diesel stocks built by 834,000 barrels to 11.23 million
barrels, EIA said, while heating oil inventories declined 169,000
barrels to 41.9 million barrels. Jet fuel stocks were relatively
unchanged at 43.9 million US barrels and 14.5 million USGC barrels, EIA
said.
Production also was relatively unchanged for the other middle
distillates, at 216,000 b/d for LSD, 402,000 b/d for heating oil and
1.57 million b/d for jet fuel, half in the USGC.
--Matthew Kohlman,
matthew_kohlman@platts.com
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