U.S. industrial crude oil inventories, excluding these within the Strategic Petroleum Reserve (SPR), elevated by 0.6 million barrels from the week ending November 21 to the week ending November 28, the U.S. Power Data Administration (EIA) highlighted in its newest weekly petroleum standing report.
That EIA report was launched on December 3 and included information for the week ending November 28. It confirmed that crude oil shares, not together with the SPR, stood at 427.5 million barrels on November 28, 426.9 million barrels on November 21, and 423.4 million barrels on November 29, 2024.
Crude oil within the SPR stood at 411.7 million barrels on November 28, 411.4 million barrels on November 21, and 391.8 million barrels on November 29, 2024, the report revealed. 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 1.687 billion barrels on November 28, the report confirmed. Whole petroleum shares have been up 5.5 million barrels week on week and up 58.5 million barrels yr on yr, the report identified.
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“At 427.5 million barrels, U.S. crude oil inventories are about three % beneath 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 4.5 million barrels from final week and are about two % beneath the 5 yr common for this time of yr. Completed gasoline and mixing parts inventories elevated final week,” it added.
“Distillate gas inventories elevated by 2.1 million barrels final week and are about seven % beneath the 5 yr common for this time of yr. Propane/propylene inventories decreased 0.7 million barrels from final week and are about 15 % above the 5 yr common for this time of yr,” it continued.
U.S. crude oil refinery inputs averaged 16.9 million barrels per day through the week ending November 28, in keeping with the report, which famous that this was 433,000 barrels per day greater than the earlier week’s common.
“Refineries operated at 94.1 % of their operable capability final week,” the EIA stated within the report.
“Gasoline manufacturing elevated final week, averaging 9.8 million barrels per day. Distillate gas manufacturing elevated by 53,000 barrels per day final week, averaging 5.1 million barrels per day,” it added.
U.S. crude oil imports averaged 6.0 million barrels per day final week, the report revealed. It outlined that this was a lower of 456,000 barrels per day from the earlier week.
“Over the previous 4 weeks, crude oil imports averaged about 5.9 million barrels per day, 14.4 % lower than the identical four-week interval final yr,” the EIA stated in its report.
“Whole motor gasoline imports (together with each completed gasoline and gasoline mixing parts) final week averaged 772,000 barrels per day, and distillate gas imports averaged 190,000 barrels per day,” it added.
Whole merchandise equipped over the past four-week interval averaged 20.3 million barrels a day, down by 0.5 % from the identical interval final yr, the EIA acknowledged within the report.
“Over the previous 4 weeks, motor gasoline product equipped averaged 8.7 million barrels a day, down by 1.2 % from the identical because the final yr interval,” the EIA stated.
“Distillate gas product equipped averaged 3.7 million barrels a day over the previous 4 weeks, down by 2.0 % from the identical interval final yr. Jet gas product equipped was down 1.9 % in contrast with the identical four-week interval final yr,” it continued.
Analyst View
In a Skandinaviska Enskilda Banken AB (SEB) report despatched to Rigzone on December 4, which centered on the EIA’s newest weekly petroleum standing report, Ole R. Hvalbye, a commodities analyst on the firm, famous that “U.S. crude inventories posted a modest 0.6 million barrel construct final week, lifting shares to 427.5 million barrels, about three % beneath the seasonal five-year common”.
“Refinery runs rose sharply: crude throughput climbed 433,000 barrels per day to 16.9 million barrels per day, pushing utilization to a robust 94.1 %, one of many highest ranges of the yr,” he added.
Hvalbye additionally famous that product inventories “surged”.
“Gasoline shares rose 4.5 million barrels (now ~two % beneath the norm) and distillates elevated 2.1 million barrels (~seven % beneath common), per seasonal patterns however nonetheless notable given the size of the construct,” he stated.
“Propane slipped 0.7 million barrels but stays considerably above historic ranges. Whole industrial petroleum inventories (excl. SPR) rose 5.2 million barrels within the week, confirming broad accumulation throughout the barrel,” he added.
“Crude imports eased 456,000 barrels per day to six.0 million barrels per day, although the four-week common stays 14 % beneath final yr,” he continued.
“Product equipped, a proxy for demand, averaged 20.3 million barrels per day, down 0.5 % yr on yr, with gasoline (-1.2 % yr on yr), distillates (-2.0 % yr on yr), and jet gas (-1.9 % yr on yr) all displaying softer consumption ranges,” he highlighted.
Hvalbye went on to state within the report that, “general”, the EIA report “reinforces a well-supplied U.S. stability”.
“Very sturdy refinery runs, broad product builds, and gradual demand proceed to push inventories greater as we have now entered December,” he famous.
To contact the creator, e-mail andreas.exarheas@rigzone.com
