Financial Options

The weekly petroleum data summary from the Energy Information Administration put fresh support under the high oil prices for the next week. U.S. commercial petroleum inventories fell in all categories - crude oil, gasoline and distillate fuels - during the week ending April 14, 2006, according to the summary. Crude inventories fell 0.2 percent and total commercial petroleum inventories fell by 5.4 million barrels. Gasoline inventories fell by 5.4 million barrels and distillate fuel inventories, which includes diesel fuel and home heating oil, fell by 2.8 million barrels.

Refinery inputs increased just under 1% with refineries operating at 86.2% of operable capacity with the biggest portion of the increase going to gasoline production. Imports of crude oil and gasoline both increased.

So, is $3 gasoline going to be the story of the summer? We may see $3 in spots at times, but the forecast is that prices won't go above the $3 mark and hold there for any length of time on a national basis. Here's what EIA has to say:

While some stations have already posted prices for regular gasoline that exceed $3 per gallon and it is certainly possible that average retail prices across the country could reach that level sometime this year, EIA is not forecasting prices that high, on average, over a whole month. Our forecast assumes that there are no major problems in U.S. refineries, pipelines, or any part of the distribution chain. It also assumes that no additional oil production disruptions occur overseas.

This Week in Petroleum - Released on April 19, 2006

$3 per Gallon?
Just about everyone who has called EIA over the last few days asking about gasoline prices has asked the same question: Will the U.S. average retail price for regular grade reach $3 per gallon this year? With average prices up 28.5 cents per gallon the last three weeks to 278.3 cents per gallon, it is not surprising that EIA is being asked if $3 per gallon is around the corner.

While some stations have already posted prices for regular gasoline that exceed $3 per gallon and it is certainly possible that average retail prices across the country could reach that level sometime this year, EIA is not forecasting prices that high, on average, over a whole month. Our forecast assumes that there are no major problems in U.S. refineries, pipelines, or any part of the distribution chain. It also assumes that no additional oil production disruptions occur overseas.

Why doesn’t EIA see $3 per gallon as a fait accompli? To understand why, a look at the main factors behind high prices may be helpful. First, a larger-than-normal amount of refinery capacity is currently offline, reducing the production of gasoline. Three refineries on the Gulf Coast shut down by last fall’s hurricanes are only now reportedly beginning to return to operation, or soon will be. Additionally, some refineries that were not damaged by the hurricanes deferred planned fall maintenance until this spring, so as to maximize production immediately following the hurricanes. However, this means that we now have refineries undergoing previously scheduled spring maintenance, plus those that had deferred maintenance from last fall. Compared to weekly data last year for the similar period (the four weeks ending April 15, 2005), gasoline production for the most recent four-week period is down 457,000 barrels per day, while gasoline demand is up slightly compared to last year. As a result, finished gasoline inventories have been pulled down sharply, dropping more than 20 million barrels over the past four weeks, despite large volumes of imports. However, as these refineries return to full operation, gasoline production should increase, thus adding much-needed supply into the system.

Second, other factors influencing gasoline prices exhibit more uncertainty over the near-term future. Crude oil prices have risen to above $71 per barrel for West Texas Intermediate, which is higher than EIA had expected. Some of this price rise stems from an increase in the demand for inventory as refiners and others buy more crude oil now to put into inventories as a physical hedge against the possibility of supply disruptions later this year. While geopolitical concerns are likely to remain for the time being, at some point, inventories may be built sufficiently to provide enough of a hedge for some refiners, which could help halt the rise in crude oil prices. At the same time, this may occur just as refiners need more crude oil to supply the refineries returning from maintenance, so it remains highly uncertain which direction crude oil prices will head over the next several weeks, thus making it difficult to determine the impact crude oil prices might have on gasoline prices.

Third, the other major factor influencing gasoline prices is the transition from MTBE reformulated gasoline (RFG) to ethanol RFG in some parts of the country, most notably much of the East Coast and major cities in Texas. How smoothly this transition occurs will have a significant impact on the near-term path of gasoline prices. Already there are signs of some problems getting sufficient supplies in a timely fashion in parts of Virginia, mostly the Tidewater and Virginia Beach areas, with some problems also experienced around Richmond. However, unless problems related to this transition become more widespread, it may not have much impact on average monthly retail gasoline prices for the country as a whole. This transition was discussed in the January 5, 2006 issue of This Week in Petroleum and in a subsequent EIA report Eliminating MTBE in Gasoline in 2006 issued in February 2006.

In summary, while some factors may be difficult to forecast, significant increases in gasoline production as refineries undergoing maintenance return to full operation sometime over the next several weeks should stem the rise in gasoline prices and may, actually, cause them to decline somewhat. While demand will generally increase as we move closer to summer, increased domestic production, in addition to the expected continuation of significant volumes of gasoline imports, should be enough to cause prices to begin to fall again, albeit not nearly as much as they have increased. Whether this occurs later this month or next, EIA does expect prices to begin to come down. While the average U.S. price of regular gasoline could reach $3 per gallon sometime this year, that outcome is by no means a foregone conclusion given the current market situation.

U.S. Average Retail Gasoline Gains 10 Cents
The U.S. average retail price for regular gasoline increased by 10 cents last week, rising to 278.3 cents per gallon as of April 17, which is 54.6 cents higher than last year. Prices rose for the third week in a row, reaching their highest level since October 10, 2005. Prices were up throughout the country, with the East Coast seeing the largest increase of 11.2 cents to reach 280.1 cents per gallon. West Coast prices, the highest regional prices in the country, added 9.2 cents to 284.3 cents per gallon, while California prices rose 8.5 cents to 289.6 cents per gallon. Midwest prices rose 10.1 cents to 275.5 cents per gallon, which was 60.5 cents higher than this time last year.

Retail diesel fuel prices increased by 11.1 cents to reach 276.5 cents per gallon as of April 17, which is 50.6 cents higher than last year. Prices were up throughout the country, with the Gulf Coast seeing the largest regional increase of 12.4 cents to 272.5 cents per gallon, the lowest regional price in the country. West Coast prices were still the highest regional prices in the nation, adding another 6.9 cents to 288.1 cents per gallon.

Propane Inventories Move Lower
Primary stockholders of propane reported slightly lower inventories last week, as the nation’s stockpile of propane moved down by 0.4 million barrels, settling at 30.5 million barrels as of April 14, 2006. The Gulf Coast region accounted for all of the weekly drop in inventories with a reported decline of 1.4 million barrels, while the Midwest region reported an inventory gain of 0.9 million barrels during this same period. In other areas, the East Coast inched up by 0.1 million barrels while inventories in the combined Rocky Mountain/West Coast regions remained unchanged. Propylene non-fuel use inventories dipped by 0.1 million barrels during the week to account for a slightly lower 10.8 percent share of total propane/propylene inventories from the prior week’s share that measured 11.0 percent.

Summary of Weekly Petroleum Data for the Week Ending April 14, 2006

U.S. crude oil refinery inputs averaged over 14.7 million barrels per day during
the week ending April 14, up 146,000 barrels per day from the previous week's
average. Refineries operated at 86.2 percent of their operable capacity last
week. Gasoline production increased last week, averaging 8.1 million barrels
per day, while distillate fuel production increased slightly compared to the
previous week, averaging 3.6 million barrels per day.

U.S. crude oil imports averaged nearly 9.7 million barrels per day last week, up
126,000 barrels per day from the previous week. Over the last four weeks, crude
oil imports have averaged over 9.8 million barrels per day, a decrease of
310,000 barrels per day from the comparable four weeks last year. Total motor
gasoline imports (including both finished gasoline and gasoline blending
components) last week averaged 907,000 barrels per day, halting a streak of ten
weeks in which it had averaged over 1 million barrels per day. Distillate fuel
imports averaged 125,000 barrels per day last week.

U.S. commercial crude oil inventories (excluding those in the Strategic
Petroleum Reserve) fell by 0.8 million barrels from the previous week. However,
at 345.2 million barrels, U.S. crude oil inventories remain well above the upper
end of the average range for this time of year. (Beginning this week, average
inventory ranges have been recalibrated with the next recalibration coming in
October.) Total motor gasoline inventories dropped by 5.4 million barrels last
week, and are now just above the lower end of the average range. Distillate
fuel inventories fell by 2.8 million barrels last week, but remain above the
upper end of the average range for this time of year. Almost the entire decline
was seen in low-sulfur distillate fuel (diesel fuel) inventories. Total
commercial petroleum inventories dropped by 5.8 million barrels last week, but
remain above the upper end of the average range for this time of year.

Total products supplied over the last four-week period has averaged nearly 20.6
million barrels per day, or 0.5 percent more than averaged over the same period
last year. Over the last four weeks, motor gasoline demand has averaged over
9.1 million barrels per day, or 0.8 percent above the same period last year.
Distillate fuel demand has averaged 4.1 million barrels per day over the last
four weeks, or 3.0 percent below the same period last year. Jet fuel demand is
up 1.2 percent over the last four weeks compared to the same four-week period
last year.

The tables that follow display the latest U.S. Petroleum Balance Sheet and the
most recent four weeks of Weekly Petroleum Status Report data.

Table 1. U.S. Petroleum Balance Sheet, 4 Weeks Ending 04/14/2006
Cumulative
Four Week Averages Daily Averages
Petroleum Supply Ending % 103 Days %
(Thousand Barrels per Day) 04/14/06 04/14/05 Change 2006 2005 Chg
------------------------------------------------------------------------------------
Crude Oil Supply
Domestic Production (1) 5,055 5,493 -8.0 5,042 5,458 -7.6
Net Imports (Incl SPR) (2) 9,793 10,060 -2.7 9,805 9,960 -1.6
Gross Imports (Excl SPR) 9,814 10,124 -3.1 9,828 10,001 -1.7
SPR Imports 0 0 -- 0 0 --
Exports 22 64 -65.6 23 41 -43.9
SPR Stocks W/D or Added -61 -164 -- -19 -138 --
Other Stocks W/D or Added -234 -445 -- -243 -370 --
Product Supplied and Losses 0 0 -- 0 0 --
Unaccounted-for Crude Oil (3) 115 357 -- 34 284 --

Crude Oil Input to Refineries 14,667 15,302 -4.1 14,619 15,194 -3.8

Other Supply
Natural Gas Liquids Prod. (4) 2,109 2,083 1.2 2,086 2,134 -2.2
Other Liquids New Supply 120 195 -38.5 107 137 -21.9
Crude Oil Product Supplied 0 0 0.0 0 0 0.0
Processing Gain 950 999 -4.9 961 999 -3.8
Net Product Imports (5) 1,904 1,631 16.7 2,443 1,843 32.6
Gross Product Imports (5) 2,959 2,909 1.7 3,456 2,988 15.7
Product Exports (5) 1,055 1,278 -17.4 1,013 1,145 -11.5
Prod Stocks W/D or Added (6)(7) 823 266 -- 268 270 --

Total Prod Supplied for Domestic Use 20,572 20,475 0.5 20,484 20,577 -0.5

Products Supplied
Finished Motor Gasoline (4) 9,129 9,058 0.8 8,976 8,893 0.9
Kerosene-Type Jet Fuel 1,629 1,609 1.2 1,586 1,599 -0.8
Distillate Fuel Oil 4,095 4,222 -3.0 4,195 4,234 -0.9
Residual Fuel Oil 736 803 -8.3 839 888 -5.5
Propane/Propylene 1,171 1,194 -1.9 1,410 1,510 -6.6
Other Oils (8) 3,813 3,589 6.2 3,478 3,454 0.7

Total Products Supplied 20,572 20,475 0.5 20,484 20,577 -0.5

Total Net Imports 11,697 11,691 0.1 12,248 11,803 3.8
------------------------------------------------------------------------------------
Petroleum Stocks % Chg fr
(Million Barrels) 04/14/06 04/07/06 04/14/05 Prev Week Yr Ago
------------------------------------------------------------------------------------
Crude Oil (Excluding SPR) (9) 345.2 346.0 323.9 -0.2 6.6
Total Motor Gasoline 202.5 207.9 212.3 -2.6 -4.6
Reformulated 10.8 14.8 23.4 -27.0 -53.8
Conventional 105.5 106.9 116.0 -1.3 -9.1
Blending Components 86.2 86.2 72.9 0.0 18.2
Kerosene-Type Jet Fuel 41.8 41.3 38.0 1.2 10.0
Distillate Fuel Oil (7) 114.6 117.4 104.5 -2.4 9.7
15 ppm sulfur and Under 2.1 1.8 1.0 16.7 110.0
> 15 ppm to 500 ppm sulfur 69.8 72.6 66.3 -3.9 5.3
> 500 ppm sulfur 42.7 43.0 37.1 -0.7 15.1
Residual Fuel Oil 41.2 40.1 38.3 2.7 7.6
Propane/Propylene 30.5 30.9 30.5 -1.3 NA
Unfinished Oils 93.8 92.4 92.4 1.5 1.5
Other Oils (10) 130.0 129.4 139.0 0.5 -6.5

Total Stocks (Excl SPR) (7) 999.5 1,005.3 978.9 -0.6 2.1
Crude Oil in SPR (11) 686.9 686.5 689.8 0.1 -0.4
Total Stocks (Incl SPR) (7) 1,686.4 1,691.8 1,668.7 -0.3 1.1

1 Includes lease condensate.
2 Net Imports = Gross Imports (line 3) + Strategic Petroleum Reserve (SPR)
Imports (line 4) - Exports (line 5).
3 Unaccounted-for Crude Oil is a balancing item. See Glossary for further
explanation.
4 Includes field production of fuel ethanol and an adjustment for motor
gasoline blending components.
5 Includes finished petroleum products, unfinished oils, gasoline blending
components, and natural gas plant liquids.
6 Includes an estimate of minor product stock change based on monthly data.
7 Distillate fuel oil stocks located in the «Northeast Heating Oil Reserve» are
not included. For details see Appendix B.
8 Includes crude oil product supplied, natural gas liquids, liquefied
refinery gases (LRGs), other liquids, and all finished petroleum products
except motor gasoline, kerosene-type jet fuel, distillate, residual fuel oils,
and propane/propylene.
9 Includes domestic and Customs-cleared foreign crude oil in transit to
refineries.
10 Included are stocks of all other oils such as aviation gasoline, kerosene,
natural gas liquids and LRGs (except propane/propylene), other
hydrocarbons and oxygenates, aviation gasoline blending components, naphtha and
other oils for petrochemical feedstock use, special naphthas, lube oils, waxes,
coke, asphalt, naphtha-type jet fuel, road oil, and miscellaneous oils.
11 Crude oil stocks in the SPR include non-U.S. stocks held under foreign or
commercial storage agreements.
Note: Some data are estimated. See Sources for clarification of estimated data.
Due to independent rounding, individual product detail may not add to total.
Sources: (the complete url below appears on two lines)
http://www.eia.doe.gov/pub/oil_gas/petroleum/data_publications/weekly_petroleum_
status_report/current/pdf/sources.pdf

Table 11. U.S. and PADD Weekly Estimates Most Recent 4 Weeks
(Thousand Barrels per Day Except Where Noted)

03/24/06 03/31/06 04/07/06 04/14/06
CRUDE OIL PRODUCTION
Domestic Production 5,016 5,024 5,053 5,125

INPUTS AND UTILIZATION
Crude Oil Inputs 14,728 14,644 14,575 14,721
East Coast (PADD I) 1,495 1,481 1,441 1,372
Midwest (PADD II) 3,208 3,190 3,232 3,274
Gulf Coast (PADD III) 6,977 6,959 6,777 6,864
Rocky Mountain (PADD IV) 450 499 523 548
West Coast (PADD V) 2,598 2,515 2,602 2,663
Gross Inputs 14,908 14,898 14,836 14,948
East Coast (PADD I) 1,493 1,479 1,434 1,365
Midwest (PADD II) 3,216 3,200 3,248 3,289
Gulf Coast (PADD III) 7,079 7,136 6,937 6,995
Rocky Mountain (PADD IV) 454 497 527 549
West Coast (PADD V) 2,666 2,586 2,690 2,750
Blending Components 727 455 248 177
East Coast (PADD I) NA NA NA NA
Midwest (PADD II) NA NA NA NA
Gulf Coast (PADD III) NA NA NA NA
Rocky Mountain (PADD IV) NA NA NA NA
West Coast (PADD V) NA NA NA NA
RBOB with Ether NA NA NA NA
East Coast (PADD I) NA NA NA NA
Midwest (PADD II) NA NA NA NA
Gulf Coast (PADD III) NA NA NA NA
Rocky Mountain (PADD IV) NA NA NA NA
West Coast (PADD V) NA NA NA NA
RBOB with Alcohol NA NA NA NA
East Coast (PADD I) NA NA NA NA
Midwest (PADD II) NA NA NA NA
Gulf Coast (PADD III) NA NA NA NA
Rocky Mountain (PADD IV) NA NA NA NA
West Coast (PADD V) NA NA NA NA
CBOB NA NA NA NA
East Coast (PADD I) NA NA NA NA
Midwest (PADD II) NA NA NA NA
Gulf Coast (PADD III) NA NA NA NA
Rocky Mountain (PADD IV) NA NA NA NA
West Coast (PADD V) NA NA NA NA
GTAB Reformulated NA NA NA NA
East Coast (PADD I) NA NA NA NA
Midwest (PADD II) NA NA NA NA
Gulf Coast (PADD III) NA NA NA NA
Rocky Mountain (PADD IV) NA NA NA NA
West Coast (PADD V) NA NA NA NA
GTAB Conventional NA NA NA NA
East Coast (PADD I) NA NA NA NA
Midwest (PADD II) NA NA NA NA
Gulf Coast (PADD III) NA NA NA NA
Rocky Mountain (PADD IV) NA NA NA NA
West Coast (PADD V) NA NA NA NA
All Other Blending Components NA NA NA NA
East Coast (PADD I) NA NA NA NA
Midwest (PADD II) NA NA NA NA
Gulf Coast (PADD III) NA NA NA NA
Rocky Mountain (PADD IV) NA NA NA NA
West Coast (PADD V) NA NA NA NA
Operable Capacity 17,128 17,335 17,335 17,335
Percent Utilization 87.0 85.9 85.6 86.2

PRODUCTION BY PRODUCT
Finished Motor Gasoline 8,257 8,134 7,866 8,095
East Coast (PADD I) 1,243 1,156 1,072 1,071
Midwest (PADD II) 1,969 2,091 1,952 2,096
Gulf Coast (PADD III) 3,192 3,086 3,066 3,157
Rocky Mountain (PADD IV) 232 243 283 268
West Coast (PADD V) 1,621 1,558 1,493 1,503
Reformulated 2,863 2,752 2,358 2,412
East Coast (PADD I) 710 816 647 683
Midwest (PADD II) 432 389 384 407
Gulf Coast (PADD III) 509 437 285 251
Rocky Mountain (PADD IV) 0 0 0 0
West Coast (PADD V) 1,212 1,110 1,042 1,071
Reformulated with Ether 846 820 565 541
East Coast (PADD I) NA NA NA NA
Midwest (PADD II) NA NA NA NA
Gulf Coast (PADD III) NA NA NA NA
Rocky Mountain (PADD IV) NA NA NA NA
West Coast (PADD V) NA NA NA NA
Reformulated with Alcohol 1,969 1,910 1,724 1,787
East Coast (PADD I) NA NA NA NA
Midwest (PADD II) NA NA NA NA
Gulf Coast (PADD III) NA NA NA NA
Rocky Mountain (PADD IV) NA NA NA NA
West Coast (PADD V) NA NA NA NA
Reformulated non Oxygenated 48 22 69 84
East Coast (PADD I) NA NA NA NA
Midwest (PADD II) NA NA NA NA
Gulf Coast (PADD III) NA NA NA NA
Rocky Mountain (PADD IV) NA NA NA NA
West Coast (PADD V) NA NA NA NA
Conventional 5,394 5,382 5,508 5,683
East Coast (PADD I) 533 340 425 388
Midwest (PADD II) 1,537 1,702 1,568 1,689
Gulf Coast (PADD III) 2,683 2,649 2,781 2,906
Rocky Mountain (PADD IV) 232 243 283 268
West Coast (PADD V) 409 448 451 432
Conventional with Alcohol 1,351 1,261 1,268 1,206
East Coast (PADD I) NA NA NA NA
Midwest (PADD II) NA NA NA NA
Gulf Coast (PADD III) NA NA NA NA
Rocky Mountain (PADD IV) NA NA NA NA
West Coast (PADD V) NA NA NA NA
Conventional Other 4,043 4,121 4,240 4,477
East Coast (PADD I) NA NA NA NA
Midwest (PADD II) NA NA NA NA
Gulf Coast (PADD III) NA NA NA NA
Rocky Mountain (PADD IV) NA NA NA NA
West Coast (PADD V) NA NA NA NA
Kerosene-Type Jet Fuel 1,522 1,471 1,500 1,482
East Coast (PADD I) 104 98 99 92
Midwest (PADD II) 249 197 200 206
Gulf Coast (PADD III) 750 747 775 742
Rocky Mountain (PADD IV) 26 24 25 21
West Coast (PADD V) 393 405 401 421
Commercial 1,356 1,356 1,347 1,354
East Coast (PADD I) 104 98 99 92
Midwest (PADD II) 227 179 184 200
Gulf Coast (PADD III) 632 680 670 653
Rocky Mountain (PADD IV) 24 19 20 15
West Coast (PADD V) 369 380 374 394
Military 166 115 153 128
East Coast (PADD I) 0 0 0 0
Midwest (PADD II) 22 18 16 6
Gulf Coast (PADD III) 118 67 105 89
Rocky Mountain (PADD IV) 2 5 5 6
West Coast (PADD V) 24 25 27 27
Distillate Fuel Oil 3,584 3,492 3,571 3,601
East Coast (PADD I) 415 459 398 431
Midwest (PADD II) 838 818 809 785
Gulf Coast (PADD III) 1,633 1,605 1,638 1,701
Rocky Mountain (PADD IV) 140 150 170 179
West Coast (PADD V) 558 460 556 505
15 ppm sulfur and Under 38 28 98 82
East Coast (PADD I) 0 0 0 0
Midwest (PADD II) -1 9 4 8
Gulf Coast (PADD III) 19 9 51 11
Rocky Mountain (PADD IV) 0 0 0 0
West Coast (PADD V) 20 10 43 63
> 15 ppm to 500 ppm sulfur 2,648 2,541 2,475 2,538
East Coast (PADD I) 270 256 205 234
Midwest (PADD II) 615 570 521 522
Gulf Coast (PADD III) 1,209 1,243 1,192 1,272
Rocky Mountain (PADD IV) 121 122 144 149
West Coast (PADD V) 433 350 413 361
> 500 ppm sulfur 898 923 998 981
East Coast (PADD I) 145 203 193 197
Midwest (PADD II) 224 239 284 255
Gulf Coast (PADD III) 405 353 395 418
Rocky Mountain (PADD IV) 19 28 26 30
West Coast (PADD V) 105 100 100 81
Residual Fuel Oil 699 607 708 628
East Coast (PADD I) 136 138 114 110
Midwest (PADD II) 61 50 81 75
Gulf Coast (PADD III) 319 291 311 293
Rocky Mountain (PADD IV) 19 15 14 17
West Coast (PADD V) 164 113 188 133
Propane/Propylene 1,041 1,017 1,028 1,018
East Coast (PADD I) 42 30 32 25
Midwest (PADD II) 223 194 222 207
Gulf Coast (PADD III) 649 685 661 665

STOCKS (MILLION BARRELS)
Crude Oil 340.7 342.8 346.0 345.2
East Coast (PADD I) 15.0 14.9 14.7 16.3
Midwest (PADD II) 71.1 71.1 72.1 72.4
Cushing, Oklahoma 25.3 24.9 24.5 25.1
Gulf Coast (PADD III) 186.5 186.5 188.1 186.5
Rocky Mountain (PADD IV) 14.6 14.6 14.4 14.2
West Coast (PADD V) 53.5 55.6 56.8 55.7
SPR1 685.7 686.3 686.5 686.9
Total Motor Gasoline 216.2 211.8 207.9 202.5
East Coast (PADD I) 58.9 55.8 51.9 48.4
New England (PADD IA) 4.2 4.2 4.1 3.7
Central Atlantic (PADD IB) 33.7 31.8 27.9 26.4
Lower Atlantic (PADD IC) 20.9 19.8 20.0 18.3
Midwest (PADD II) 54.2 54.2 53.7 52.9
Gulf Coast (PADD III) 66.4 66.4 65.6 66.0
Rocky Mountain (PADD IV) 5.9 5.7 5.5 5.7
West Coast (PADD V) 30.9 29.7 31.2 29.5
Finished Motor Gasoline 133.9 129.8 121.8 116.3
Reformulated 19.3 17.3 14.8 10.8
East Coast (PADD I) 12.5 11.0 8.4 5.6
Midwest (PADD II) 0.0 0.0 0.0 0.2
Gulf Coast (PADD III) 5.9 5.3 4.7 3.2
Rocky Mountain (PADD IV) 0.0 0.0 0.0 0.0
West Coast (PADD V) 0.9 1.0 1.7 1.8
Reformulated with Ether NA NA NA NA
East Coast (PADD I) NA NA NA NA
Midwest (PADD II) NA NA NA NA
Gulf Coast (PADD III) NA NA NA NA
Rocky Mountain (PADD IV) NA NA NA NA
West Coast (PADD V) NA NA NA NA
Reformulated with Alcohol NA NA NA NA
East Coast (PADD I) NA NA NA NA
Midwest (PADD II) NA NA NA NA
Gulf Coast (PADD III) NA NA NA NA
Rocky Mountain (PADD IV) NA NA NA NA
West Coast (PADD V) NA NA NA NA
Reformulated non Oxygenated NA NA NA NA
East Coast (PADD I) NA NA NA NA
Midwest (PADD II) NA NA NA NA
Gulf Coast (PADD III) NA NA NA NA
Rocky Mountain (PADD IV) NA NA NA NA
West Coast (PADD V) NA NA NA NA
Conventional 114.6 112.4 106.9 105.5
East Coast (PADD I) 29.2 26.8 23.9 23.1
Midwest (PADD II) 37.8 38.1 36.6 35.8
Gulf Coast (PADD III) 35.9 35.9 34.1 34.4
Rocky Mountain (PADD IV) 4.3 4.2 4.1 4.4
West Coast (PADD V) 7.4 7.4 8.2 7.8
Conventional with Alcohol NA NA NA NA
East Coast (PADD I) NA NA NA NA
Midwest (PADD II) NA NA NA NA
Gulf Coast (PADD III) NA NA NA NA
Rocky Mountain (PADD IV) NA NA NA NA
West Coast (PADD V) NA NA NA NA
Conventional Other NA NA NA NA
East Coast (PADD I) NA NA NA NA
Midwest (PADD II) NA NA NA NA
Gulf Coast (PADD III) NA NA NA NA
Rocky Mountain (PADD IV) NA NA NA NA
West Coast (PADD V) NA NA NA NA
Blending Components 82.3 82.0 86.2 86.2
East Coast (PADD I) 17.2 18.0 19.6 19.8
Midwest (PADD II) 16.3 16.1 17.0 16.9
Gulf Coast (PADD III) 24.6 25.2 26.8 28.3
Rocky Mountain (PADD IV) 1.6 1.5 1.4 1.4
West Coast (PADD V) 22.6 21.3 21.3 19.8
RBOB with Ether 1.2 1.5 2.1 1.6
East Coast (PADD I) 1.1 1.4 1.7 1.0
Midwest (PADD II) 0.1 0.1 0.1 0.1
Gulf Coast (PADD III) 0.0 0.0 0.3 0.5
Rocky Mountain (PADD IV) 0.0 0.0 0.0 0.0
West Coast (PADD V) 0.0 0.0 0.0 0.0
RBOB with Alcohol 22.8 22.7 26.2 28.7
East Coast (PADD I) 4.6 4.2 6.0 7.6
Midwest (PADD II) 5.1 4.9 4.8 4.9
Gulf Coast (PADD III) 2.7 3.5 5.3 7.0
Rocky Mountain (PADD IV) 0.0 0.0 0.0 0.0
West Coast (PADD V) 10.5 10.1 10.0 9.2
CBOB 4.9 4.6 4.4 4.0
East Coast (PADD I) 0.0 0.0 0.0 0.0
Midwest (PADD II) 3.1 3.2 3.1 2.9
Gulf Coast (PADD III) 0.5 0.4 0.3 0.3
Rocky Mountain (PADD IV) 0.0 0.1 0.1 0.1
West Coast (PADD V) 1.3 0.9 0.9 0.7
GTAB Reformulated 0.7 0.9 0.7 0.3
East Coast (PADD I) 0.7 0.9 0.7 0.3
Midwest (PADD II) 0.0 0.0 0.0 0.0
Gulf Coast (PADD III) 0.0 0.0 0.0 0.0
Rocky Mountain (PADD IV) 0.0 0.0 0.0 0.0
West Coast (PADD V) 0.0 0.0 0.0 0.0
GTAB Conventional 0.9 0.6 0.6 0.5
East Coast (PADD I) 0.8 0.4 0.4 0.4
Midwest (PADD II) 0.0 0.0 0.0 0.0
Gulf Coast (PADD III) 0.0 0.0 0.0 0.0
Rocky Mountain (PADD IV) 0.0 0.0 0.0 0.0
West Coast (PADD V) 0.1 0.1 0.2 0.1
All Other Blending Components 51.8 51.8 52.3 51.1
East Coast (PADD I) 10.0 11.1 10.7 10.5
Midwest (PADD II) 8.1 7.9 9.1 9.0
Gulf Coast (PADD III) 21.4 21.2 20.9 20.5
Rocky Mountain (PADD IV) 1.6 1.5 1.4 1.3
West Coast (PADD V) 10.8 10.1 10.2 9.9
Kerosene - Type Jet Fuel 42.4 41.9 41.3 41.8
East Coast (PADD I) 10.3 10.1 10.8 10.6
Midwest (PADD II) 8.3 8.3 8.4 8.2
Gulf Coast (PADD III) 13.0 12.8 12.1 12.9
Rocky Mountain (PADD IV) 0.7 0.7 0.7 0.7
West Coast (PADD V) 10.0 10.1 9.2 9.4
Distillate Fuel Oil 124.2 121.6 117.4 114.6
East Coast (PADD I) 46.7 44.9 43.4 43.0
New England (PADD IA) 9.0 8.7 8.3 7.7
Central Atlantic (PADD IB) 26.8 25.8 24.6 25.3
Lower Atlantic (PADD IC) 10.9 10.4 10.5 9.9
Midwest (PADD II) 31.1 30.6 29.6 28.4
Gulf Coast (PADD III) 30.5 30.6 28.8 28.2
Rocky Mountain (PADD IV) 2.9 2.8 2.8 2.8
West Coast (PADD V) 12.9 12.8 12.8 12.3
15 ppm sulfur and Under 1.6 1.9 1.8 2.1
East Coast (PADD I) 0.3 0.5 0.4 0.4
New England (PADD IA) 0.0 0.1 0.1 0.1
Central Atlantic (PADD IB) 0.2 0.3 0.3 0.2
Lower Atlantic (PADD IC) 0.1 0.1 0.1 0.1
Midwest (PADD II) 0.2 0.2 0.2 0.2
Gulf Coast (PADD III) 0.4 0.5 0.4 0.4
Rocky Mountain (PADD IV) 0.0 0.0 0.0 0.0
West Coast (PADD V) 0.7 0.7 0.8 1.0
> 15 ppm to 500 ppm sulfur 76.5 75.3 72.6 69.8
East Coast (PADD I) 17.8 16.9 17.0 15.9
New England (PADD IA) 2.4 2.5 2.4 2.3
Central Atlantic (PADD IB) 8.9 8.2 7.9 7.5
Lower Atlantic (PADD IC) 6.5 6.2 6.7 6.2
Midwest (PADD II) 23.9 23.6 22.7 21.2
Gulf Coast (PADD III) 22.8 23.0 21.1 21.7
Rocky Mountain (PADD IV) 2.4 2.2 2.2 2.3
West Coast (PADD V) 9.7 9.7 9.6 8.7
> 500 ppm sulfur 46.1 44.4 43.0 42.7
East Coast (PADD I) 28.6 27.5 26.0 26.6
New England (PADD IA) 6.5 6.1 5.8 5.4
Central Atlantic (PADD IB) 17.7 17.3 16.5 17.6
Lower Atlantic (PADD IC) 4.3 4.1 3.7 3.6
Midwest (PADD II) 7.0 6.8 6.7 6.9
Gulf Coast (PADD III) 7.4 7.1 7.3 6.1
Rocky Mountain (PADD IV) 0.6 0.6 0.5 0.5
West Coast (PADD V) 2.5 2.4 2.5 2.6
Residual Fuel Oil 41.2 39.6 40.1 41.2
East Coast (PADD I) 15.6 15.8 16.1 16.8
New England (PADD IA) 1.1 1.2 1.2 1.4
Central Atlantic (PADD IB) 12.3 12.9 12.9 13.4
Lower Atlantic (PADD IC) 2.2 1.7 2.0 2.0
Midwest (PADD II) 2.0 1.9 2.1 2.2
Gulf Coast (PADD III) 17.0 15.7 15.6 15.9
Rocky Mountain (PADD IV) 0.3 0.3 0.3 0.3
West Coast (PADD V) 6.3 5.8 5.9 6.0
Propane/Propylene 29.2 29.0 30.9 30.5
East Coast (PADD I) 2.7 2.6 2.9 3.0
New England (PADD IA) 0.4 0.4 0.6 0.5
Central Atlantic (PADD IB) 1.0 0.8 0.8 0.9
Lower Atlantic (PADD IC) 1.3 1.3 1.5 1.7
Midwest (PADD II) 11.2 11.2 11.7 12.6
Gulf Coast (PADD III) 14.5 14.5 15.7 14.3
PADD's IV & V 0.7 0.7 0.6 0.6
Propylene (U.S. Total Nonfuel use) 2.5 2.8 3.4 3.3
Unfinished Oils 89.9 91.8 92.4 93.8
Other Oils 128.9 129.5 129.4 130.0
Total Stocks Excl SPR2 1,012.6 1,008.0 1,005.3 999.5
Total Stocks Incl SPR2 1,698.3 1,694.3 1,691.8 1,686.4

IMPORTS
Total Crude Oil Incl SPR 10,100 9,953 9,539 9,665
Crude Oil Excl SPR 10,100 9,953 9,539 9,665
East Coast (PADD I) 1,613 1,587 1,361 1,469
Midwest (PADD II) 939 1,180 1,162 1,037
Gulf Coast (PADD III) 6,176 5,587 5,451 5,940
Rocky Mountain (PADD IV) 173 172 191 287
West Coast (PADD V) 1,199 1,427 1,374 932
SPR 0 0 0 0
Total Motor Gasoline 1,049 1,087 1,101 907
East Coast (PADD I) 875 952 936 807
Midwest (PADD II) 99 3 2 1
Gulf Coast (PADD III) 27 114 158 50
Rocky Mountain (PADD IV) 0 0 0 0
West Coast (PADD V) 48 18 5 49
Reformulated 94 90 43 20
East Coast (PADD I) 94 90 43 20
Midwest (PADD II) 0 0 0 0
Gulf Coast (PADD III) 0 0 0 0
Rocky Mountain (PADD IV) 0 0 0 0
West Coast (PADD V) 0 0 0 0
Reformulated with Ether 94 90 43 20
East Coast (PADD I) 94 90 43 20
Midwest (PADD II) 0 0 0 0
Gulf Coast (PADD III) 0 0 0 0
Rocky Mountain (PADD IV) 0 0 0 0
West Coast (PADD V) 0 0 0 0
Reformulated with Alcohol 0 0 0 0
East Coast (PADD I) 0 0 0 0
Midwest (PADD II) 0 0 0 0
Gulf Coast (PADD III) 0 0 0 0
Rocky Mountain (PADD IV) 0 0 0 0
West Coast (PADD V) 0 0 0 0
Reformulated non Oxygenated 0 0 0 0
East Coast (PADD I) 0 0 0 0
Midwest (PADD II) 0 0 0 0
Gulf Coast (PADD III) 0 0 0 0
Rocky Mountain (PADD IV) 0 0 0 0
West Coast (PADD V) 0 0 0 0
Conventional 406 377 366 325
East Coast (PADD I) 267 374 364 286
Midwest (PADD II) 99 3 2 1
Gulf Coast (PADD III) 0 0 0 0
Rocky Mountain (PADD IV) 0 0 0 0
West Coast (PADD V) 40 0 0 38
Conventional with Alcohol 0 0 1 1
East Coast (PADD I) 0 0 0 0
Midwest (PADD II) 0 0 1 1
Gulf Coast (PADD III) 0 0 0 0
Rocky Mountain (PADD IV) 0 0 0 0
West Coast (PADD V) 0 0 0 0
Conventional Other 406 377 365 324
East Coast (PADD I) 267 374 364 286
Midwest (PADD II) 99 3 1 0
Gulf Coast (PADD III) 0 0 0 0
Rocky Mountain (PADD IV) 0 0 0 0
West Coast (PADD V) 40 0 0 38
Blending Components 549 620 692 562
East Coast (PADD I) 514 488 529 501
Midwest (PADD II) 0 0 0 0
Gulf Coast (PADD III) 27 114 158 50
Rocky Mountain (PADD IV) 0 0 0 0
West Coast (PADD V) 8 18 5 11
RBOB with Ether 24 98 79 0
East Coast (PADD I) 24 98 79 0
Midwest (PADD II) 0 0 0 0
Gulf Coast (PADD III) 0 0 0 0
Rocky Mountain (PADD IV) 0 0 0 0
West Coast (PADD V) 0 0 0 0
RBOB with Alcohol 63 48 106 86
East Coast (PADD I) 63 48 106 86
Midwest (PADD II) 0 0 0 0
Gulf Coast (PADD III) 0 0 0 0
Rocky Mountain (PADD IV) 0 0 0 0
West Coast (PADD V) 0 0 0 0
CBOB 0 0 0 0
East Coast (PADD I) 0 0 0 0
Midwest (PADD II) 0 0 0 0
Gulf Coast (PADD III) 0 0 0 0
Rocky Mountain (PADD IV) 0 0 0 0
West Coast (PADD V) 0 0 0 0
GTAB Reformulated NA NA NA NA
East Coast (PADD I) NA NA NA NA
Midwest (PADD II) NA NA NA NA
Gulf Coast (PADD III) NA NA NA NA
Rocky Mountain (PADD IV) NA NA NA NA
West Coast (PADD V) NA NA NA NA
GTAB Conventional NA NA NA NA
East Coast (PADD I) NA NA NA NA
Midwest (PADD II) NA NA NA NA
Gulf Coast (PADD III) NA NA NA NA
Rocky Mountain (PADD IV) NA NA NA NA
West Coast (PADD V) NA NA NA NA
All Other Blending Components 295 270 278 331
East Coast (PADD I) 260 138 160 279
Midwest (PADD II) 0 0 0 0
Gulf Coast (PADD III) 27 114 113 41
Rocky Mountain (PADD IV) 0 0 0 0
West Coast (PADD V) 8 18 5 11
Kerosene - Type Jet Fuel 161 123 70 254
East Coast (PADD I) 45 70 13 106
Midwest (PADD II) 0 0 0 0
Gulf Coast (PADD III) 1 1 1 0
Rocky Mountain (PADD IV) 0 0 0 0
West Coast (PADD V) 115 52 56 148
Distillate Fuel Oil 222 309 221 125
East Coast (PADD I) 212 211 206 108
Midwest (PADD II) 4 7 6 8
Gulf Coast (PADD III) 0 0 0 0
Rocky Mountain (PADD IV) 5 5 7 8
West Coast (PADD V) 1 86 2 1
15 ppm sulfur and Under 39 0 0 0
East Coast (PADD I) NA NA NA NA
Midwest (PADD II) NA NA NA NA
Gulf Coast (PADD III) NA NA NA NA
Rocky Mountain (PADD IV) NA NA NA NA
West Coast (PADD V) NA NA NA NA
> 15 ppm to 500 ppm sulfur 78 178 105 91
East Coast (PADD I) NA NA NA NA
Midwest (PADD II) NA NA NA NA
Gulf Coast (PADD III) NA NA NA NA
Rocky Mountain (PADD IV) NA NA NA NA
West Coast (PADD V) NA NA NA NA
> 500 ppm to 2000 ppm sulfur 47 41 65 26
East Coast (PADD I) NA NA NA NA
New England (PADD IA) NA NA NA NA
Central Atlantic (PADD IB) NA NA NA NA
Lower Atlantic (PADD IC) NA NA NA NA
Midwest (PADD II) NA NA NA NA
Gulf Coast (PADD III) NA NA NA NA
Rocky Mountain (PADD IV) NA NA NA NA
West Coast (PADD V) NA NA NA NA
> 2000 ppm sulfur 58 90 51 8
East Coast (PADD I) NA NA NA NA
New England (PADD IA) NA NA NA NA
Central Atlantic (PADD IB) NA NA NA NA
Lower Atlantic (PADD IC) NA NA NA NA
Midwest (PADD II) NA NA NA NA
Gulf Coast (PADD III) NA NA NA NA
Rocky Mountain (PADD IV) NA NA NA NA
West Coast (PADD V) NA NA NA NA
Residual Fuel Oil 403 363 451 254
East Coast (PADD I) 324 339 343 246
Midwest (PADD II) 0 0 0 0
Gulf Coast (PADD III) 71 24 0 0
Rocky Mountain (PADD IV) 0 0 0 0
West Coast (PADD V) 8 0 108 8
Propane/Propylene 213 95 240 137
East Coast (PADD I) 58 18 153 37
Midwest (PADD II) 104 63 56 50
Gulf Coast (PADD III) 28 0 16 41
Other 981 806 1,105 1,159
East Coast (PADD I) 203 204 101 195
Midwest (PADD II) 15 12 15 8
Gulf Coast (PADD III) 625 529 911 886
Rocky Mountain (PADD IV) 2 2 3 1
West Coast (PADD V) 136 59 75 69
Total Product Imports 3,029 2,783 3,188 2,836
East Coast (PADD I) 1,717 1,794 1,752 1,499
Midwest (PADD II) 222 85 79 67
Gulf Coast (PADD III) 752 668 1,086 977
Rocky Mountain (PADD IV) 24 18 23 15
West Coast (PADD V) 314 218 248 278
Gross Imports (Incl SPR) 13,129 12,736 12,727 12,501
East Coast (PADD I) 3,330 3,381 3,113 2,968
Midwest (PADD II) 1,161 1,265 1,241 1,104
Gulf Coast (PADD III) 6,928 6,255 6,537 6,917
Rocky Mountain (PADD IV) 197 190 214 302
West Coast (PADD V) 1,513 1,645 1,622 1,210
Net Imports (Incl SPR) 12,091 11,654 11,634 11,408

EXPORTS
Total 1,038 1,082 1,093 1,093
Crude Oil 21 22 22 22
Products 1,017 1,060 1,071 1,071

PRODUCT SUPPLIED
Finished Motor Gasoline 9,054 9,063 9,297 9,100
Kerosene-Type Jet Fuel 1,613 1,626 1,639 1,636
Distillate Fuel Oil 4,078 4,039 4,269 3,995
Residual Fuel Oil 677 967 835 463
Propane/Propylene 1,455 1,105 957 1,168
Other Oils 3,727 3,732 3,740 4,052
Total Product Supplied 20,604 20,532 20,738 20,415

ULTRA LOW SULFUR DISTILLATE
< 15 ppm Distillate,
Downgraded to 15 to 500 ppm 0 0 0 0

1 Crude oil stocks in the SPR include non-U.S. stocks held under foreign or commercial
storage agreements.
2 Distillate fuel oil stocks located in the «Northeast Heating Oil Reserve» are not
included.
Note: Some data are estimated. See Sources for clarification of estimated data.
Due to independent rounding, individual product detail may not add to total.
Sources: (the complete url below appears on two lines)
http://www.eia.doe.gov/pub/oil_gas/petroleum/data_publications/weekly_petroleum_
status_report/current/pdf/sources.pdf