U.S. business crude oil inventories, excluding these within the Strategic Petroleum Reserve (SPR) elevated by 2.8 million barrels from the week ending November 14 to the week ending November 21, the U.S. Vitality Info Administration (EIA) highlighted in its newest weekly petroleum standing report.
The report, which was launched on November 26 and included knowledge for the week ending November 21, confirmed that crude oil shares, not together with the SPR, stood at 426.9 million barrels on November 21, 424.2 million barrels on November 14, and 428.4 million barrels on November 22, 2024. The report highlighted that knowledge could not add as much as totals resulting from impartial rounding.
Crude oil within the SPR stood at 411.4 million barrels on November 21, 410.9 million barrels on November 14, and 390.4 million barrels on November 22, 2024, the report revealed. Whole petroleum shares – together with crude oil, complete motor gasoline, gas ethanol, kerosene kind jet gas, distillate gas oil, residual gas oil, propane/propylene, and different oils – stood at 1.682 billion barrels on November 21, the report confirmed. Whole petroleum shares have been up 2.1 million barrels week on week and up 49.8 million barrels 12 months on 12 months, the report identified.
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“At 426.9 million barrels, U.S. crude oil inventories are about 4 % under the 5 12 months common for this time of 12 months,” the EIA mentioned in its newest weekly petroleum standing report.
“Whole motor gasoline inventories elevated by 2.5 million barrels from final week and are about three % under the 5 12 months common for this time of 12 months. Completed gasoline inventories decreased, whereas mixing elements inventories elevated final week,” it added.
“Distillate gas inventories elevated by 1.1 million barrels final week and are about 5 % under the 5 12 months common for this time of 12 months. Propane/propylene inventories decreased 1.1 million barrels from final week and are about 16 % above the 5 12 months common for this time of 12 months,” it continued.
U.S. crude oil refinery inputs averaged 16.4 million barrels per day throughout the week ending November 21, in keeping with the EIA’s report, which famous that this was 211,000 barrels per day greater than the earlier week’s common.
“Refineries operated at 92.3 % of their operable capability final week,” the EIA mentioned within the report.
“Gasoline manufacturing elevated final week, averaging 9.6 million barrels per day. Distillate gas manufacturing elevated by 87,000 barrels per day final week, averaging 5.0 million barrels per day,” it added.
U.S. crude oil imports averaged 6.4 million barrels per day final week, the report said. It identified that this was a rise of 486,000 barrels per day from the earlier week.
“Over the previous 4 weeks, crude oil imports averaged about 5.9 million barrels per day, 11.2 % lower than the identical four-week interval final 12 months,” the EIA famous within the report.
“Whole motor gasoline imports (together with each completed gasoline and gasoline mixing elements) final week averaged 658,000 barrels per day, and distillate gas imports averaged 199,000 barrels per day,” it added.
Whole merchandise provided over the past four-week interval averaged 20.4 million barrels a day, down by 0.1 % from the identical interval final 12 months, the EIA said in its report.
“Over the previous 4 weeks, motor gasoline product provided averaged 8.8 million barrels a day, up by 0.1 % from the identical because the final 12 months interval,” the EIA mentioned.
“Distillate gas product provided averaged 3.7 million barrels a day over the previous 4 weeks, down by 0.2 % from the identical interval final 12 months. Jet gas product provided was down 4.7 % in contrast with the identical four-week interval final 12 months,” it continued.
Analyst Take
In a Skandinaviska Enskilda Banken AB (SEB) report despatched to Rigzone on Thursday, Ole R. Hvalbye, a commodities analyst on the firm, highlighted that “U.S. crude inventories climbed 2.8 million barrels final week to 426.9 million barrels, leaving inventories about 4 % under the seasonal norm”.
“The construct got here as refinery runs elevated once more: crude throughput rose 211,000 barrels per day to 16.4 million barrels per day, lifting utilization to a robust 92.3 %,” he mentioned.
“Crude imports additionally climbed, up 486,000 barrels per day to six.4 million barrels per day, although the four-week common stays roughly 11 % under final 12 months,” he added.
Hvalbye identified within the report that product inventories additionally moved larger.
“Gasoline inventories elevated by 2.5 million barrels (about three % under regular), whereas distillates rose 1.1 million barrels (now ~5 % under the 5 12 months common),” he famous.
“Each climb as anticipated for the season. Propane fell 1.1 million barrels however stayed considerably above norms. Whole business petroleum inventories (excl. SPR) elevated 1.6 million barrels, confirming a gradual rebuilding of onshore shares,” he added.
demand within the report, Hvalbye mentioned “merchandise provided averaged 20.4 million barrels per day, basically unchanged year-on-year”.
“Gasoline demand was flat, distillates marginally decrease, and jet gas notably weaker at -4.7 % 12 months on 12 months, per softer seasonal mobility indicators,” he added.
Hvalbye went on to state within the report that, “total, the … knowledge factors towards a well-supplied market”.
“Larger refinery runs, rising imports, and broad product builds are slowly pushing inventories larger. The underlying pattern stays considered one of a market leaning into surplus as we method year-end,” he famous.
To contact the creator, electronic mail andreas.exarheas@rigzone.com
