U.S. business crude oil inventories, excluding these within the Strategic Petroleum Reserve (SPR), decreased by 1.4 million barrels from the week ending November 29 to the week ending December 6, the U.S. Vitality Info Administration (EIA) highlighted in its newest weekly petroleum standing report, which was launched on Wednesday.
Crude oil shares, not together with the SPR, stood at 422.0 million barrels on December 6, 423.4 million barrels on November 29, and 440.8 million barrels on December 8, 2023, the report confirmed. Crude oil within the SPR stood at 392.5 million barrels on December 6, 391.8 million barrels on November 29, and 351.9 million barrels on December 8, 2023, in keeping with the report.
Whole petroleum shares – together with crude oil, complete motor gasoline, gas ethanol, kerosene sort jet gas, distillate gas oil, residual gas oil, propane/propylene, and different oils – stood at 1.628 billion barrels on December 6, the report revealed. This determine was down 0.2 million barrels week on week and up 17.7 million barrels yr on yr, the report outlined.
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“At 422.0 million barrels, U.S. crude oil inventories are about six p.c under the 5 yr common for this time of yr,” the EIA famous in its newest weekly petroleum standing report.
“Whole motor gasoline inventories elevated by 5.1 million barrels from final week and are about 4 p.c under the 5 yr common for this time of yr. Completed gasoline and mixing parts inventories each elevated final week,” it added.
“Distillate gas inventories elevated by 3.2 million barrels final week and are about 4 p.c under the 5 yr common for this time of yr. Propane/propylene inventories decreased by 3.0 million barrels from final week and are seven p.c above the 5 yr common for this time of yr,” it continued.
U.S. crude oil refinery inputs averaged 16.7 million barrels per day in the course of the week ending December 6, the EIA acknowledged in its report, highlighting that this was 251,000 barrels per day lower than the earlier week’s common.
“Refineries operated at 92.4 p.c of their operable capability final week. Gasoline manufacturing elevated final week, averaging 10.0 million barrels per day. Distillate gas manufacturing decreased final week, averaging 5.2 million barrels per day,” it added.
U.S. crude oil imports averaged 6.0 million barrels per day final week, in keeping with the report, which identified that this was a lower of 1.3 million barrels per day from the earlier week.
“Over the previous 4 weeks, crude oil imports averaged about 6.8 million barrels per day, 2.5 p.c greater than the identical four-week interval final yr,” the EIA stated within the report.
“Whole motor gasoline imports (together with each completed gasoline and gasoline mixing parts) final week averaged 464,000 barrels per day, and distillate gas imports averaged 154,000 barrels per day,” it added.
Whole merchandise provided over the past four-week interval averaged 20.1 million barrels a day, in keeping with the EIA report, which outlined that this determine was up by 0.9 p.c from the identical interval final yr.
“Over the previous 4 weeks, motor gasoline product provided averaged 8.6 million barrels a day, up by 1.4 p.c from the identical interval final yr,” the EIA stated within the report.
“Distillate gas product provided averaged 3.6 million barrels a day over the previous 4 weeks, down by 2.1 p.c from the identical interval final yr. Jet gas product provided was up 7.4 p.c in contrast with the identical four-week interval final yr,” it added.
The EIA’s report additionally famous that the nationwide common retail value for normal gasoline declined to $3.008 per gallon on December 9, “$0.026 under final week’s value, and $0.128 lower than the year-ago value”. The nationwide common retail diesel gas value decreased $0.082 to $3.458 per gallon, the report acknowledged. That was $0.529 decrease than the value one yr in the past, it identified.
In keeping with the AAA Gasoline Costs web site, the typical value of standard gasoline within the U.S. is $3.026 per gallon and the typical value of diesel is $3.508 per gallon, as of December 12. The week in the past gasoline value stood at $3.032 per gallon and the week in the past diesel value was $3.536 per gallon, the positioning confirmed.
In a Skandinaviska Enskilda Banken AB (SEB) report despatched to Rigzone on Thursday, Ole R. Hvalbye, a commodities analyst on the firm, outlined that the most recent EIA weekly petroleum standing report “highlights a tightening market right here and now, albeit with pockets of a powerful provide of refined merchandise”.
In a report despatched to Rigzone late Monday by the Macquarie staff, Macquarie strategists revealed that they have been forecasting that U.S. crude inventories can be up by 6.9 million barrels for the week ending December 6. In a report despatched to Rigzone by the Macquarie staff on Friday, Macquarie strategists outlined that they noticed “potential for a strong U.S. crude inventory construct” within the EIA’s December 11 weekly petroleum standing report.
“Waiting for subsequent week’s launch, we see potential for a strong U.S. crude inventory construct (+3.8 million barrels), with runs down minimally, nominal implied provide greater (+0.9 million barrels per day), internet imports modestly greater (+0.3 million barrels per day), and a smaller enhance in SPR stock (+0.7 million barrels) on the week,” Macquarie strategists stated in Friday’s report.
In its earlier weekly petroleum standing report, which was launched on December 4 and included information for the week ending November 29, the EIA highlighted that U.S. business crude oil inventories, excluding these within the SPR, decreased by 5.1 million barrels from the week ending November 22 to the week ending November 29.
The EIA’s subsequent weekly petroleum standing report is scheduled to be launched on December 18 and can embrace information for the week ending December 13.
To contact the creator, e-mail andreas.exarheas@rigzone.com
