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US crude oil stockpiles climb 1.2 million barrels in week to Jan. 3

The U.S. Energy Information Administration reported that U.S. crude oil and petroleum stockpiles moved higher in the week to Jan. 3.

U.S. crude oil inventories, excluding the strategic petroleum reserve, climbed 1.2 million barrels from the week prior to 431.1 million barrels, according to the agency's Jan. 8 "Weekly Petroleum Status Report." Total gasoline inventories climbed by 9.1 million barrels to 251.6 million barrels, while distillate inventories climbed by 5.3 million barrels to 139.1 million barrels.

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Total U.S. crude oil inputs declined 2.2% on the week to 16.9 million barrels per day for a trailing four-week average of 16.9 million bbl/d, down 3.8% from the same period a year ago and 0.2% below the five-year average. The EIA pegged U.S. refinery utilization at 93.0%, down from both the year-ago level of 96.1% and the five-year average of 93.4%, with PADD 1 utilization pegged at 67.3%.

On June 21, 2019, a fire broke out at a 335,000-bbl/d refinery operated by Philadelphia Energy Solutions Inc. in PADD 1, destroying one of the complex's alkylation units. Two weeks before the fire, one of the plant's fluid catalytic cracking units, which converts high-boiling, high-molecular-weight hydrocarbon fractions into products such as gasoline, reportedly had been shut down. The company announced June 26, 2019, that it would shut down the complex and prepare it for sale.

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Meanwhile, total U.S. gasoline production was higher versus historical averages. Finished motor gasoline production was down 9.1% from the prior week to bring the trailing four-week average to 10.0 million bbl/d, up 1.7% from the year-ago level and up 3.6% from the five-year average.

Distillate production was in line with the prior week, bringing the trailing four-week average to 5.3 million bbl/d, down 4.5% from the same week a year ago but up 0.3% from the five-year average.

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