WASHINGTON (MNI) – The following is the text of the summary of the
American Petroleum Institute’s monthly report on domestic petroleum
deliveries, gasoline deliveries and crude oil production for November
released Friday:

In November, key petroleum products, such as motor gasoline and
distillate fuel oils showed increases in deliveries, increases in
production and decreases in stock levels, indicating further momentum in
the recovery of consumer and industrial demand. November’s increase in
total domestic petroleum deliveries of 6.5 percent from the prior year
was the largest in 2010 so far. At 19.98 million barrels per day, total
domestic deliveries were higher than October 2010 by 4.9 percent.
Gasoline deliveries jumped by 3.2 percent from last November to hit 9.2
million barrels per day continuing the string of year-to-year increases
since September 2010.

Distillate fuel deliveries, at 4.1 million barrels per day, were up
by 13.5 percent from last November. Ultra-low sulfur distillate
deliveries stood at 81.5 percent of total distillate deliveries and were
up by 13.2 percent from the prior year. Jet fuel deliveries were up by
16.7 percent while residual fuels were down by 2.2 percent from the
prior year.

Domestic crude production stood at 5.44 million barrels per day in
November, up marginally by 0.2 percent from the prior year. Natural gas
liquids production at 1.99 million barrels per day was down by 0.3
percent from last November. Total Inputs at refineries for November 2010
remained below 15 million barrels per day but were up by 2.1 percent
from last November, reversing October’s year-to-year decline. Industrial
production of gasoline was up 1.4 percent from a year ago, and
distillate output was up by 8.4 percent in November 2010. At 9.2 million
barrels per day, gasoline production for November 2010 was the highest
level on record for any November, a trend seen since April. Jet fuel
production showed double digit gains, up by 14.8 percent from last
November, for the fourth month in a row.

November’s crude oil and product imports, at 10.9 million barrels
per day, were lower than prior year by 1.1 percent, driven by double
digit declines in product imports. Total product imports, at 1.8 million
barrels per day in October, were 23.7 percent lower than last November
levels. Total motor gasoline imports fell by 12.6 percent this November
compared with the prior year. Distillate imports were up by 36 thousand
barrels per day while kerosine jet fuel imports were down by 4 thousand
barrels per day. Crude imports, at 9.1 million barrels per day, were
higher by 5.0 percent compared with the prior year.

Crude oil inventory levels in November 2010 were lower than October
2010 but were higher than November 2009 levels. At 355.2 million
barrels, crude oil inventories were 3.0 percent lower than October 2010
and 5.4 percent higher than November 2009. This level was also the
highest for any November since 1987 when crude stock levels were at
363.7 million barrels. Compared with the prior five-year November
average of 322.9 million barrels, crude stocks in November 2010 were
higher by 10.0 percent. With the exception of residual fuels and other
oils’, key products showed declines in stocks compared with October.

Total motor gasoline stocks were 3.0 percent lower while distillate
stocks were 3.8 percent lower compared with October 2010. Total motor
gasoline stocks for November 2010 were 4.0 percent higher than the
five-year November average volumes while total distillate stocks in
November 2010 were higher by 10.2 percent compared with the five-year
November average stock levels.

Crude oil inventory levels remained ample in October 2010. At 366
million barrels, crude oil inventories were 10.1 percent higher than
October 2009, and were at the highest level for 2010 and the highest for
any October since 1980. Total motor gasoline, jet fuel oils and residual
fuel oils indicated higher stock levels in October 2010 compared with
year-ago levels while distillate fuel oil stocks showed declines along
with other oils’.

** Market News International Washington Bureau: 202-371-2121 **

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