US crude stocks at highest end-August level since 1993: API

New York (Platts)--13Sep2006

Despite falling "seasonally" in August for the fourth consecutive month
to 333.2 million barrels, down from 335.2 million barrels at end-July, US
commercial crude stocks were still at the highest "ending level" for August
since 1993, API reported Wednesday.

End-August crude stocks a year ago were 311.4 million barrels, API
reported in its monthly petroleum data report.

US domestic crude production in August fell to its lowest level so far
this year, at 4.9 million b/d, down from last August by 6.4% the largest
year-to-year percentage decline in 2006, API reported.

Alaska production was down 23.8% in August to 639,000 b/d, its lowest
level since September 1977, with output low for several reasons, including the
shutdown of about half of the BP-operated Prudhoe Bay field due to pipeline
corrosion. The partial shutdown resulted in a 120,000 b/d production loss in
August, API said.

Lower 48 crude production was down 3.1% to 4.27 million b/d, API said.

Commercial crude imports to the US averaged 10.11 million b/d, down 1.9%
from a year ago, API said. Canadian imports were up 9.5% to 1.76 million b/d.

--Richard Rubin, richard_rubin @platts.com

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