U.S. industrial crude oil inventories, excluding these within the Strategic Petroleum Reserve (SPR), decreased by 1.0 million barrels from the week ending January 10 to the week ending January 17, the U.S. Power Data Administration (EIA) highlighted in its newest weekly petroleum standing report.
Crude oil shares, excluding the SPR, stood at 411.7 million barrels on January 17, 412.7 million barrels on January 10, and 420.7 million barrels on January 19, 2024, the report revealed. Crude oil within the SPR got here in at 394.6 million barrels on January 17, 394.3 million barrels on January 10, and 356.5 million barrels on January 19, 2024, the report confirmed.
Whole petroleum shares – together with crude oil, complete motor gasoline, gasoline ethanol, kerosene kind jet gasoline, distillate gasoline oil, residual gasoline oil, propane/propylene, and different oils – stood at 1.621 billion barrels on January 17, the report revealed. This determine was down 3.9 million barrels week on week and up 24.2 million barrels yr on yr, the report outlined.
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“At 411.7 million barrels, U.S. crude oil inventories are about six p.c 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 2.3 million barrels from final week and are one p.c beneath the 5 yr common for this time of yr,” it added.
“Completed gasoline inventories and mixing parts inventories elevated final week. Distillate gasoline inventories decreased by 3.1 million barrels final week and are about six p.c beneath the 5 yr common for this time of yr,” it continued.
“Propane/propylene inventories decreased by 3.7 million barrels from final week and are eight p.c above the 5 yr common for this time of yr,” the EIA went on to state.
In its report, the EIA mentioned U.S. crude oil refinery inputs averaged 15.5 million barrels per day in the course of the week ending January 17, 2025, which it identified was 1.125 million barrels per day lower than the earlier week’s common.
“Refineries operated at 85.9 p.c of their operable capability final week,” the EIA mentioned within the report.
“Gasoline manufacturing decreased final week, averaging 9.2 million barrels per day. Distillate gasoline manufacturing decreased final week, averaging 4.7 million barrels per day,” it added.
U.S. crude oil imports averaged 6.7 million barrels per day final week, based on the EIA report, which highlighted that this determine elevated by 621,000 barrels per day from the earlier week.
“Over the previous 4 weeks, crude oil imports averaged about 6.6 million barrels per day, 0.3 p.c greater than the identical four-week interval final yr,” the EIA mentioned within the report.
“Whole motor gasoline imports (together with each completed gasoline and gasoline mixing parts) final week averaged 340,000 barrels per day, and distillate gasoline imports averaged 289,000 barrels per day,” it added.
Whole merchandise equipped over the past four-week interval averaged 19.7 million barrels a day, up by 0.7 p.c from the identical interval final yr, the EIA said in its report.
“Over the previous 4 weeks, motor gasoline product equipped averaged 8.3 million barrels a day, up by 1.9 p.c from the identical interval final yr,” it added.
“Distillate gasoline product equipped averaged 3.6 million barrels a day over the previous 4 weeks, up by 6.2 p.c from the identical interval final yr. Jet gasoline product equipped was up 8.9 p.c in contrast with the identical four-week interval final yr,” the EIA went on to state.
In a market evaluation despatched to Rigzone immediately, Hani Abuagla, Senior Market Analyst at XTB MENA, highlighted that the EIA’s report “indicated a a million barrel drop in stockpiles for the week ending January 17, marking the ninth consecutive weekly decline”.
“While this tightening of U.S. provide supplied some help to international crude costs, it was inadequate to offset the broader pressures weighing available on the market,” Abuagla added within the evaluation.
In an oil and gasoline report despatched to Rigzone late Tuesday by the Macquarie group, Macquarie strategists revealed that they have been forecasting that U.S. crude inventories can be down 7.9 million barrels for the week ending January 17.
“This compares to our early search for the week which anticipated a 4.7 million barrel draw, and a 2.0 million barrel draw realized for the week ending January 10,” the Macquarie strategists famous in that report.
To contact the creator, e-mail andreas.exarheas@rigzone.com
