US Atlantic Coast residual fuel oil stocks fell to 8,237,000 barrel last week, their lowest ever level, according to the US Energy Information Administration's weekly petroleum status report.
For the week ended March 2, stocks of fuel oil in the Atlantic Coast, at 8,237,000 barrels, represented a 19% drop since January 6, when stocks stood at 10,168,000 barrels, and a 34.2% drop from the same period last year when stocks stood at 12,511,000 barrels.
The drop-off in stocks, which had been gathering steam since December, rapidly accelerated for the week ended February 10, when stocks fell 11.6% from the prior week to 9,017,000 barrels. Since then, fuel oil stocks in the region have stayed consistently below 9,000,000 barrels.
The bulk of the drop occurred in the Central Atlantic region, EIA data shows. That includes New York Harbor, where most regional storage is located.
The drop in stocks occurred at the same time as Atlantic Coast fuel oil assessments moved closer to all-time highs.
For example, on February 24, Atlantic Coast 1.0%S was assessed by Platts at its highest mark since July 2008, reaching $117.50/barrel, or $2.20/b shy of the all time high. And Atlantic Coast 1.0%S continues to hover around that mark, being assessed by Platts Tuesday at $117.05/b.
Low local supply resulting from recently closed refineries, along with high crude prices, boosted Atlantic Coast resid assessements through most of February.
