U.S. business crude oil inventories, excluding these within the Strategic Petroleum Reserve (SPR), decreased by 1.9 million barrels from the week ending December 19 to the week ending December 26, the U.S. Power Info Administration (EIA) highlighted in its newest weekly petroleum standing report.
That report, which was launched on December 31 and included knowledge for the week ending December 26, confirmed that crude oil shares, not together with the SPR, stood at 422.9 million barrels on December 26, 424.8 million barrels on December 19, and 415.6 million barrels on December 27, 2024.
Crude oil within the SPR stood at 413.2 million barrels on December 26, 413.0 million barrels on December 19, and 393.6 million barrels on December 27, 2024, the report revealed. Complete 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 1.699 billion barrels on December 26, the report confirmed. Complete petroleum shares have been up 10.4 million barrels week on week and up 75.6 million barrels yr on yr, the report identified.
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“At 422.9 million barrels, U.S. crude oil inventories are about three % beneath the 5 yr common for this time of yr,” the EIA mentioned in its newest weekly petroleum standing report.
“Complete motor gasoline inventories elevated by 5.8 million barrels from final week and are about two % above the 5 yr common for this time of yr. Each completed gasoline and mixing parts inventories elevated final week,” it added.
“Distillate gasoline inventories elevated by 5.0 million barrels final week and are about 4 % beneath the 5 yr common for this time of yr. Propane/propylene inventories elevated 0.8 million barrels from final week and are about 27 % above the 5 yr common for this time of yr,” it continued.
The EIA famous in its report that U.S. crude oil refinery inputs averaged 16.8 million barrels per day in the course of the week ending December 26. It highlighted that this was 71,000 barrels per day greater than the earlier week’s common.
“Refineries operated at 94.7 % of their operable capability final week,” the EIA mentioned in its report.
“Gasoline manufacturing decreased final week, averaging 9.5 million barrels per day. Distillate gasoline manufacturing decreased by 77,000 barrels per day final week, averaging 5.2 million barrels per day,” it added.
U.S. crude oil imports averaged 5.0 million barrels per day final week, based on the EIA’s report, which outlined that this was a lower of 1.1 million barrels per day from the earlier week.
“Over the previous 4 weeks, crude oil imports averaged about 6.0 million barrels per day, 7.2 % lower than the identical four-week interval final yr,” the EIA mentioned within the report.
“Complete motor gasoline imports (together with each completed gasoline and gasoline mixing parts) final week averaged 525,000 barrels per day, and distillate gasoline imports averaged 283,000 barrels per day,” it added.
Complete merchandise provided during the last four-week interval averaged 20.3 million barrels a day, barely beneath the identical interval final yr, the EIA said in its newest weekly petroleum standing report.
“Over the previous 4 weeks, motor gasoline product provided averaged 8.8 million barrels a day, up by 0.4 % from the identical because the final yr interval,” the EIA added.
“Distillate gasoline product provided averaged 3.9 million barrels a day over the previous 4 weeks, up by 0.3 % from the identical interval final yr. Jet gasoline product provided was down 2.1 % in contrast with the identical four-week interval final yr,” it went on to state.
In an oil and fuel report despatched to Rigzone by the Macquarie group on December 30, Macquarie strategists, together with Walt Chancellor, revealed that they have been forecasting that U.S. crude inventories could be up by 2.1 million barrels for the week ending December 26.
“This follows a 0.4 million barrels construct within the prior week, with the crude steadiness realizing modestly looser relative to our expectations,” the strategists mentioned within the report.
“For the week ending 12/26, from refineries, we search for a modest discount in crude runs (-0.1 million barrels per day). Amongst internet imports, we mannequin little change, with exports and imports comparatively flat on a nominal foundation,” they added.
The strategists warned within the report that “timing of cargoes stays a supply of potential volatility within the weekly crude steadiness”.
“From implied home provide (prod.+adj.+transfers), we additionally search for little change week on week. Rounding out the image, we anticipate a smaller construct (+0.2 million barrels) in SPR shares for the week ending December 26,” they mentioned.
The strategists additionally highlighted of their report that, “amongst merchandise”, they “search for very heavy builds, led by gasoline (+7.7 million barrels) and distillate (+6.5 million barrels), with jet shares additionally increased (+1.8 million barrels)”.
“Amidst vacation results, we mannequin implied demand for these three merchandise at ~13.2 million barrels per day for the week ending December 26,” they added.
“Along with seasonal/ vacation demand weak spot, obvious low ranges of refined product exports (amidst fog throughout the USGC) additional contribute to our expectation for big product builds,” the strategists continued.
To contact the writer, electronic mail andreas.exarheas@rigzone.com
