U.S. business crude oil inventories, excluding these within the Strategic Petroleum Reserve (SPR), decreased by 7.9 million barrels from the week ending Might 8 to the week ending Might 15.
That’s based on the Power Info Administration’s (EIA) newest weekly petroleum standing report, which was launched on Might 20 and included information for the week ending Might 15.
In response to this report, crude oil shares, not together with the SPR, stood at 445.0 million barrels on Might 15, 452.9 million barrels on Might 8, and 443.2 million barrels on Might 16, 2025. Crude oil within the SPR stood at 374.2 million barrels on Might 15, 384.1 million barrels on Might 8, and 400.5 million barrels on Might 15, 2025, the report revealed.
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In an announcement posted on its web site on Might 11, the U.S. Division of Power (DOE) introduced contract awards for the alternate of roughly 53.3 million barrels of crude from the SPR’s Bayou Choctaw, Bryan Mound, Huge Hill, and West Hackberry websites.
“At the moment’s announcement marks the following part of DOE’s execution of the USA’ 172 million barrel contribution to the Worldwide Power Company’s collective motion to stabilize international oil provides,” this assertion famous.
“This motion builds on earlier alternate actions, which have already awarded roughly 80 million barrels from the Bayou Choctaw, Bryan Mound, and West Hackberry websites,” it added.
Whole petroleum shares – together with crude oil, whole motor gasoline, gas ethanol, kerosene sort jet gas, distillate gas oil, residual gas oil, propane/propylene, and different oils – stood at 1.601 billion barrels on Might 15, based on the EIA’s newest weekly petroleum standing report. Whole petroleum shares had been down 18.9 million barrels week on week and down 22.2 million barrels yr on yr, the report identified.
The report confirmed that whole crude oil shares stood at 819.2 million barrels, as of Might 15. This represented a weekly drop of 17.8 million barrels and a yearly drop of 24.5 million barrels, the EIA report outlined.
“At 445.0 million barrels, U.S. crude oil inventories are about two % beneath the five-year common for this time of yr,” the EIA mentioned in its newest weekly petroleum standing report.
“Whole motor gasoline inventories decreased by 1.5 million barrels from final week and are 5 % beneath the five-year common for this time of yr. Each completed gasoline and mixing part inventories decreased final week,” it added.
“Distillate gas inventories elevated by 0.4 million barrels final week and are about 9 % beneath the five-year common for this time of yr. Propane/propylene inventories elevated by 0.4 million barrels from final week and are 51 % above the five-year common for this time of yr,” it continued.
Within the report, the EIA famous that U.S. crude oil refinery inputs averaged 16.3 million barrels per day through the week ending Might 15. It identified that this was 80,000 barrels per day lower than the earlier week’s common.
“Refineries operated at 91.6 % of their operable capability final week,” the EIA mentioned in its report.
“Gasoline manufacturing decreased final week, averaging 9.3 million barrels per day. Distillate gas manufacturing elevated, averaging 5.0 million barrels per day,” it added.
The report additionally famous that U.S. crude oil imports averaged 6.0 million barrels per day final week. This marked a rise of 116,000 barrels per day from the earlier week, the report outlined.
“Over the previous 4 weeks, crude oil imports averaged about 5.8 million barrels per day, 1.5 % lower than the identical four-week interval final yr,” the EIA mentioned in its report.
“Whole motor gasoline imports (together with each completed gasoline and gasoline mixing elements) final week averaged 547,000 barrels per day, and distillate gas imports averaged 173,000 barrels per day,” it added.
Whole merchandise equipped during the last four-week interval averaged 20.2 million barrels per day, up by 3.1 % from the identical interval final yr, the EIA said within the report.
“Over the previous 4 weeks, motor gasoline product equipped averaged 8.9 million barrels per day, up by 0.5 % from the identical interval final yr,” the EIA added.
“Distillate gas product equipped averaged 3.6 million barrels per day over the previous 4 weeks, up by 1.4 % from the identical interval final yr. Jet gas product equipped was up 1.0 % in contrast with the identical four-week interval final yr,” it continued.
In a market evaluation despatched to Rigzone on Thursday, Naeem Aslam, Chief Funding Officer at Zaye Capital Markets, highlighted that “U.S. business crude inventories fell by 7.86 million barrels, the Strategic Petroleum Reserve dropped by 9.9 million barrels, and whole crude inventories fell by round 17.8 million barrels to 819.2 million barrels, the bottom degree in 11 months”.
“Refinery utilization stood close to 91.6 %, whereas crude exports reached round 5.6 million barrels per day, exhibiting bodily demand stays lively,” he added.
In an oil and fuel report despatched to Rigzone by the Macquarie crew on Might 19, Macquarie strategists revealed that they had been forecasting that U.S. crude inventories would drop by 3.0 million barrels for the week ending Might 15.
“This follows a 4.3 million barrel draw within the prior week, with the crude steadiness realizing tighter than our expectations,” the strategists mentioned in that report.
“Past regular variability in circulation gadgets, we once more notice persistently excessive crude exports and SPR releases may inject appreciable volatility into weekly stats. We stay extremely attuned to the potential for demand destruction within the coming weeks,” they added.
“Whereas final week delivered an eyebrow-raising second consecutive very weak implied demand print in distillate, given underlying volatility in these figures, we don’t but see a definitive case for distillate demand destruction from the information,” they continued.
“In any occasion, for the week ending 5/15, from refineries, we search for a slight enhance in crude runs (+0.1 million barrels per day); timing of turnarounds stays a key variable on this week’s crude steadiness,” they mentioned.
The strategists went on to notice that, “amongst internet imports”, they modeled “a modest discount, with exports (+0.4 million barrels per day) and imports (+0.1 million barrels per day) up on a nominal foundation”.
They warned that timing of cargoes remained a supply of potential volatility within the weekly crude steadiness.
“From implied home provide (prod.+adj. +transfers), we search for a rise (+0.4 million barrels per day). Rounding out the image, we anticipate a bigger SPR draw (-9.9 million barrels) for the week ending 5/15,” they mentioned.
The strategists added that, “amongst merchandise”, they seemed for “attracts in gasoline (-2.5 million barrels) and distillate (-1.9 million barrels) with jet shares up (+1.0 million barrels)”.
“We mannequin implied demand for these three merchandise at 14.6 million barrels per day for the week ending Might 15,” they went on to state.
In its earlier weekly petroleum standing report, which was launched on Might 13 and included information for the week ending Might 8, the EIA highlighted that U.S. business crude oil inventories, excluding these within the SPR, decreased by 4.3 million barrels from the week ending Might 1 to the week ending Might 8.
To contact the creator, electronic mail andreas.exarheas@rigzone.com
