Oil: "Platts Analysis of U.S. EIA Data"

From Platts, Feb. 19:

U.S. commercial crude oil stocks rose 7.7 million barrels the week ended February 13, U.S. Energy Information Administration (EIA) data released Thursday showed.

The weekly build was more than double the amount expected by analysts surveyed by Platts. At 425.6 million barrels, the U.S. crude oil inventory pushed further into record-high territory.

However, the increase was nearly half the level reported Wednesday by the American Petroleum Institute (API). API data showed U.S. stocks soaring a massive 14.3 million barrels. If EIA data had confirmed the API's report, it would have been a new record for the largest weekly build, currently standing at 12.5 million barrels, a mark set in 1985.

Rising crude oil production and falling crude oil runs helped push stocks higher the week ended February 13. The EIA estimated crude oil production at 9.28 million barrels per day (b/d), up 54,000 b/d. Production also was 1.13 million b/d greater than the year-ago level.

Stocks at Cushing, Oklahoma -- delivery point for the New York Mercantile Exchange (NYMEX) crude oil futures contract -- grew 3.7 million barrels to 46.3 million barrels.

The Cushing hub continues to see its tanks fill. Stocks have risen from 19 million barrels in October 2014.

The buildup has been widely attributed to traders buying and storing crude oil to try and profit from NYMEX futures being sold at a premium for later-dated delivery.

Cushing inventory is now approaching its own record-high of 51.9 million barrels set in January 2013.

Crude oil stocks rose more than 3 million barrels on the U.S. Atlantic Coast (USAC), Midwest (USMW) and Gulf Coast (USGC). The Rocky Mountain area was almost unchanged, while the U.S. West Coast drew 1.4 million barrels lower.

Refineries processed less crude oil the week ended February 13, helping crude oil stocks accumulate.

Crude oil runs were down 122,000 b/d to 15.4 million b/d, lowering the refinery utilization rate 1.3 percentage points. Analysts had expected a drop of 0.67 percentage point....MORE