U.S. business crude oil inventories, excluding these within the Strategic Petroleum Reserve (SPR), elevated by 3.8 million barrels from the week ending June 20 to the week ending June 27, the U.S. Vitality Info Administration (EIA) highlighted in its newest weekly petroleum standing report.
That report was launched on July 2 and included information for the week ending June 27. It confirmed that crude oil shares, not together with the SPR, stood at 419.0 million barrels on June 27, 415.1 million barrels on June 20, and 448.5 million barrels on June 28, 2024. The EIA report highlighted that information could not add as much as totals as a result of unbiased rounding.
Crude oil within the SPR stood at 402.8 million barrels on June 27, 402.5 million barrels on June 20, and 372.6 million barrels on June 28, 2024, the report revealed. Complete petroleum shares – together with crude oil, complete motor gasoline, gasoline ethanol, kerosene sort jet gasoline, distillate gasoline oil, residual gasoline oil, propane/propylene, and different oils – stood at 1.642 billion barrels on June 27, the EIA report identified. Complete petroleum shares have been up 9.6 million barrels week on week and down 12.8 million barrels yr on yr, the report confirmed.
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“At 419 million barrels, U.S. crude oil inventories are about 9 p.c under the 5 yr common for this time of yr,” the EIA stated in its newest weekly petroleum standing report.
“Complete motor gasoline inventories elevated by 4.2 million barrels from final week and are about one p.c under the 5 yr common for this time of yr. Each Completed gasoline inventories and mixing parts inventories elevated final week,” it added.
“Distillate gasoline inventories decreased by 1.7 million barrels final week and are about 21 p.c under the 5 yr common for this time of yr. Propane/propylene inventories elevated by three million barrels from final week and are 11 p.c above the 5 yr common for this time of yr,” it went on to state.
U.S. crude oil refinery inputs averaged 17.1 million barrels per day throughout the week ending June 27, based on the report, which highlighted that this was 118,000 barrels per day greater than the earlier week’s common.
“Refineries operated at 94.9 p.c of their operable capability final week,” the EIA said within the report.
“Gasoline manufacturing decreased final week, averaging 9.6 million barrels per day. Distillate gasoline manufacturing elevated by 244,000 barrels per day final week, averaging 5 million barrels per day,” it added.
U.S. crude oil imports averaged 6.9 million barrels per day final week, the report famous. It identified that this was a rise of 976,000 barrels per day from the earlier week.
“Over the previous 4 weeks, crude oil imports averaged about 6.1 million barrels per day, 13.9 p.c lower than the identical four-week interval final yr,” the EIA stated within the report.
“Complete motor gasoline imports (together with each completed gasoline and gasoline mixing parts) final week averaged 906,000 barrels per day, and distillate gasoline imports averaged 118,000 barrels per day,” it added.
Complete merchandise equipped over the past four-week interval averaged 20.3 million barrels a day, down by 1.1 p.c from the identical interval final yr, the EIA said in its newest weekly petroleum standing report.
“Over the previous 4 weeks, motor gasoline product equipped averaged 9.2 million barrels a day, down by 0.1 p.c from the identical interval final yr,” it added.
“Distillate gasoline product equipped averaged 3.7 million barrels a day over the previous 4 weeks, up by 0.6 p.c from the identical interval final yr. Jet gasoline product equipped was up 2.4 p.c in contrast with the identical four-week interval final yr,” it continued.
An oil and gasoline report despatched to Rigzone by the Macquarie staff late Monday revealed that Macquarie strategists have been forecasting that U.S. crude inventories can be down by 1.3 million barrels for the week ending June 27.
“This follows a 5.8 million barrel draw within the prior week, with the crude steadiness once more realizing considerably tighter than our expectations amidst one other week of disappointing internet imports,” the Macquarie strategists said in that report.
U.S. business crude oil inventories, excluding these within the SPR, dropped by 5.8 million barrels from the week ending June 13 to the week ending June 20, the EIA highlighted in its earlier weekly petroleum standing report, which was launched on June 25.
To contact the writer, e mail andreas.exarheas@rigzone.com
