Commercial Petroleum inventories fall for the first time in seven weeks; Cushing spot passes $102 per barrel

Commercial oil inventories fell less than a half million barrels to 346.4 million in the February 25 week, ending six straight weeks of builds. Oil supply remains very heavy underscored by an outsized 1.2 million barrel build to 38.6 million at the Cushing hub. But, in a backdrop for the rolling unrest in Libya and the Middle East, imports did slip slightly in the week, to 8.0 million barrels per day for the lowest reading since January last year.

The dip in imports pulled down oil inventories as did increased inputs to refineries. Refineries increased their output of both gasoline and distillates in the week. Supply data point to soft product demand with gasoline up only 1.0 percent year-on-year and distillates up 0.3 percent. Via EIA:

Current Crude Oil prices

Nymex Crude Future 101.47
Dated Brent Spot 116.37
WTI Cushing Spot 102.08


Crude Oil Prices as of 02/25/2011

Total World : 103.54
Total OPEC : 104.5
Abu Dhabi Murban 39° : 106.66
Algeria Saharan Blend 44° : 108.6
Angola Cabinda 32° : 105.98
Dubai Fateh 32° : 103.88
Ecuador Oriente 30° : 94.74
Iran Iranian Heavy 30° : 101.07
Iran Iranian Light 34° : 103.62
Iraq Kirkuk 36° : 105.22
Kuwait Kuwait 31° : 102.88
Libya Es Sider 37° : 106.18
Neutral Zone Khafji 28° : 104.55
Nigeria Bonny Light 37° : 109.6
Nigeria Forcados 31° : 109.86
Qatar Dukhan 40° : 106
Saudi Arabia Arabian Heavy 27° : 100.3
Saudi Arabia Arabian Light 34° : 104.55
Saudi Arabia Arabian Medium 31° : 102.55
Venezuela Tia Juana Light 31° : 99.06
Total Non-OPEC : 102.12
United States : 97.29
China Daqing 33° : 104.29
Egypt Suez Blend 33° : 102.47
Indonesia Minas 34° : 107.59
Malaysia Tapis Blend 44° : 110.96
Mexico Isthmus 33° : 98.95
Mexico Maya 22° : 90.96
Norway Ekofisk Blend 42° : 108.51
Oman Oman Blend 34° : 104.37
Russia Urals 32° : 104.69
United Kingdom Brent Blend 38° : 106.94

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