U.S. business crude oil inventories, excluding these within the Strategic Petroleum Reserve (SPR), decreased by 1.2 million barrels from the week ending December 20 to the week ending December 27, the U.S. Power Data Administration (EIA) highlighted in its newest weekly petroleum standing report, which was launched on January 2.
Crude oil shares, excluding the SPR, stood at 415.6 million barrels on December 27, 416.8 million barrels on December 20, and 431.1 million barrels on December 29, 2023, the report revealed. Crude oil within the SPR got here in at 393.6 million barrels on December 27, 393.3 million barrels on December 20, and 354.4 million barrels on December 29, 2023, the report confirmed.
Whole petroleum shares – together with crude oil, whole motor gasoline, gas ethanol, kerosene kind jet gas, distillate gas oil, residual gas oil, propane/propylene, and different oils – stood at 1.623 billion barrels on December 27, the report revealed. This determine was up 9.6 million barrels week on week and up 17.8 million barrels yr on yr, the report outlined.
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“At 415.6 million barrels, U.S. crude oil inventories are about 5 p.c under the 5 yr common for this time of yr,” the EIA stated in its newest report.
“Whole motor gasoline inventories elevated by 7.7 million barrels from final week and are barely under the 5 yr common for this time of yr. Completed gasoline inventories decreased final week whereas mixing parts inventories elevated final week,” it added.
“Distillate gas inventories elevated by 6.4 million barrels final week and are about six p.c under the 5 yr common for this time of yr. Propane/propylene inventories decreased by 0.6 million barrels from final week and are 10 p.c above the 5 yr common for this time of yr,” it went on to state.
Within the report, the EIA famous that U.S. crude oil refinery inputs averaged 16.9 million barrels per day through the week ending December 27. It identified that this was 41,000 barrels per day greater than the earlier week’s common.
“Refineries operated at 92.7 p.c of their operable capability final week,” the EIA stated within the report.
“Gasoline manufacturing decreased final week, averaging 9.0 million barrels per day. Distillate gas manufacturing elevated final week, averaging 5.4 million barrels per day,” it added.
U.S. crude oil imports averaged 6.9 million barrels per day through the week ending December 27, based on the EIA report, which highlighted that this was a rise of 455,000 barrels per day from the earlier week.
“Over the previous 4 weeks, crude oil imports averaged about 6.5 million barrels per day, 1.3 p.c lower 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 665,000 barrels per day, and distillate gas imports averaged 197,000 barrels per day,” it added.
Whole merchandise provided over the past four-week interval averaged 20.3 million barrels a day, down by 1.2 p.c from the identical interval final yr, the EIA acknowledged within the report.
“Over the previous 4 weeks, motor gasoline product provided averaged 8.7 million barrels a day, up by 0.6 p.c from the identical interval final yr,” the EIA stated.
“Distillate gas product provided averaged 3.9 million barrels a day over the previous 4 weeks, up by 8.4 p.c from the identical interval final yr,” the EIA added within the report.
“Jet gas product provided was up 6.1 p.c in contrast with the identical four-week interval final yr,” it went on to state.
In an oil and fuel report dated December 27, which was despatched to Rigzone by the Macquarie workforce late final week, Macquarie strategists outlined that they noticed “potential for a wholesome U.S. crude construct” within the EIA’s January 2 weekly petroleum standing report.
“Waiting for subsequent week’s launch, we see potential for a wholesome U.S. crude construct (+5.0 million barrels), with runs barely decrease (-0.1 million barrels per day), nominal implied provide bouncing again (+0.7 million barrels per day), internet imports larger (+0.6 million barrels per day), and a bigger enhance in SPR stock (+0.9 million barrels) on the week,” the Macquarie strategists acknowledged in that report.
“We word potential for volatility in these figures given the unfinished nature of this week’s information. Amongst merchandise, amidst vacation/seasonal results, our preliminary expectations level to giant builds in gasoline (+4.0 million barrels) and distillate (+4.3 million barrels) with a attract jet (-0.5 million barrels),” they added.
To contact the writer, e mail andreas.exarheas@rigzone.com
