U.S. industrial crude oil inventories, excluding these within the Strategic Petroleum Reserve (SPR), elevated by 3.5 million barrels from the week ending January 17 to the week ending January 24, the U.S. Vitality Data Administration (EIA) highlighted in its newest weekly petroleum standing report.
The report, which was launched on January 29 and included knowledge for the week ending January 24, confirmed that crude oil shares, not together with the SPR, stood at 415.1 million barrels on January 24, 411.7 million barrels on January 17, and 421.9 million barrels on January 26, 2024. The EIA report highlighted that knowledge might not add as much as totals resulting from unbiased rounding.
Crude oil within the SPR stood at 394.8 million barrels on January 24, 394.6 million barrels on January 17, and 357.4 million barrels on January 26, 2024, the report confirmed.
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Whole petroleum shares – together with crude oil, whole motor gasoline, gasoline ethanol, kerosene kind jet gasoline, distillate gasoline oil, residual gasoline oil, propane/propylene, and different oils – stood at 1.608 billion barrels on January 24, the report revealed. This determine was down 13.6 million barrels week on week and up 19.2 million barrels 12 months on 12 months, the report outlined.
“At 415.1 million barrels, U.S. crude oil inventories are about six % beneath the 5 12 months common for this time of 12 months,” the EIA famous in its report.
“Whole motor gasoline inventories elevated by 3.0 million barrels from final week and are barely beneath the 5 12 months common for this time of 12 months. Completed gasoline inventories and mixing parts inventories elevated final week,” it added.
“Distillate gasoline inventories decreased by 5.0 million barrels final week and are about 9 % beneath the 5 12 months common for this time of 12 months,” the EIA continued.
“Propane/propylene inventories decreased by 7.9 million barrels from final week and are two % above the 5 12 months common for this time of 12 months,” it went on to state.
U.S. crude oil refinery inputs averaged 15.2 million barrels per day throughout the week ending January 24, in line with the discharge, which highlighted that this was 333 ,000 barrels per day lower than the earlier week’s common.
“Refineries operated at 83.5 % of their operable capability final week,” the EIA mentioned within the report.
“Gasoline manufacturing decreased final week, averaging 9.2 million barrels per day. Distillate gasoline manufacturing elevated final week, averaging 4.7 million barrels per day,” it added.
The EIA report acknowledged that U.S. crude oil imports averaged 6.4 million barrels per day final week. It identified that this was a lower of 297,000 barrels per day from the earlier week.
“Over the previous 4 weeks, crude oil imports averaged about 6.4 million barrels per day, 3.6 % greater than the identical four-week interval final 12 months,” the EIA mentioned within the report.
“Whole motor gasoline imports (together with each completed gasoline and gasoline mixing parts) final week averaged 634,000 barrels per day, and distillate gasoline imports averaged 182,000 barrels per day,” it added.
Whole merchandise provided over the past four-week interval averaged 20.3 million barrels a day, up by 2.5 % from the identical interval final 12 months, the EIA acknowledged within the report.
“Over the previous 4 weeks, motor gasoline product provided averaged 8.3 million barrels a day, up by 1.8 % from the identical interval final 12 months,” the EIA added.
“Distillate gasoline product provided averaged 3.9 million barrels a day over the previous 4 weeks, up by 6.9 % from the identical interval final 12 months. Jet gasoline product provided was up 4.5 % in contrast with the identical four-week interval final 12 months,” the EIA continued within the report.
The EIA additionally famous within the report that the nationwide common retail value for normal gasoline decreased to $3.103 per gallon on January 27, “$0.006 beneath final week’s value, and $0.008 greater than the year-ago value”. The nationwide common retail diesel gasoline value decreased $0.056 to $3.659 per gallon, $0.208 decrease than the value one 12 months in the past, the EIA acknowledged within the report.
In accordance with the AAA Gasoline Costs web site, as of January 30, the common U.S. common gasoline value is $3.117 per gallon and the common U.S. diesel value is $3.667 per gallon.
In an oil and fuel report despatched to Rigzone by the Macquarie group late Monday, Macquarie strategists revealed that they have been forecasting that U.S. crude inventories could be up 4.8 million barrels for the week ending January 24.
“This compares to our early search for the week which anticipated a 2.7 million barrel construct, and a 1.0 million barrel draw realized for the week ending January 17,” the strategists mentioned in that report.
In its earlier weekly petroleum standing report, which was launched on January 23, the EIA highlighted that U.S. industrial crude oil inventories, excluding these within the SPR, decreased by 1.0 million barrels from the week ending January 10 to the week ending January 17.
To contact the writer, e-mail andreas.exarheas@rigzone.com
