U.S. industrial crude oil inventories, excluding these within the Strategic Petroleum Reserve (SPR), decreased by 1.0 million barrels from the week ending December 27 to the week ending January 3, the U.S. Power Info Administration (EIA) highlighted in its newest weekly petroleum standing report.
Crude oil shares, excluding the SPR, stood at 414.6 million barrels on January 3, 415.6 million barrels on December 27, and 432.4 million barrels on January 5, 2024, the report revealed. Crude oil within the SPR got here in at 393.8 million barrels on January 3, 393.6 million barrels on December 27, and 355.0 million barrels on January 5, 2024, the report confirmed.
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 1.628 billion barrels on January 3, the report revealed. This determine was up 5.3 million barrels week on week and up 13.0 million barrels yr on yr, the report outlined.
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“At 414.6 million barrels, U.S. crude oil inventories are about six % under the 5 yr common for this time of yr,” the EIA said in its newest weekly petroleum standing report.
“Complete motor gasoline inventories elevated by 6.3 million barrels from final week and are about one % under the 5 yr common for this time of yr. Completed gasoline inventories decreased final week whereas mixing parts inventories elevated final week,” it added.
“Distillate gasoline inventories elevated by 6.1 million barrels final week and are about 4 % under the 5 yr common for this time of yr. Propane/ propylene inventories decreased by 2.5 million barrels from final week and are 9 % above the 5 yr common for this time of yr,” it continued.
Within the report, the EIA famous that U.S. crude oil refinery inputs averaged 16.9 million barrels per day throughout the week ending January 3. It identified that this was 44,000 barrels per day greater than the earlier week’s common.
“Refineries operated at 93.3 % of their operable capability final week. Gasoline manufacturing decreased final week, averaging 8.9 million barrels per day. Distillate gasoline manufacturing decreased final week, averaging 5.2 million barrels per day,” the EIA stated within the report.
U.S. crude oil imports averaged 6.4 million barrels per day final week, in response to the report, which outlined that this was a lower of 497,000 barrels per day from the earlier week.
“Over the previous 4 weeks, crude oil imports averaged about 6.6 million barrels per day, 1.4 % greater than the identical four-week interval final yr,” the EIA stated.
“Complete motor gasoline imports (together with each completed gasoline and gasoline mixing parts) final week averaged 455,000 barrels per day, and distillate gasoline imports averaged 200,000 barrels per day,” it added within the report.
The EIA additionally said within the report that whole merchandise provided over the past four-week interval averaged 20.2 million barrels a day. This was up by 0.1 % from the identical interval final yr, in response to the report.
“Over the previous 4 weeks, motor gasoline product provided averaged 8.6 million barrels a day, up by 1.2 % from the identical interval final yr,” the report stated.
“Distillate gasoline product provided averaged 3.8 million barrels a day over the previous 4 weeks, up by 9.1 % from the identical interval final yr. Jet gasoline product provided was up 8.8 % in contrast with the identical four-week interval final yr,” the EIA report went on to notice.
In an oil and gasoline report despatched to Rigzone late Monday by the Macquarie group, Macquarie strategists revealed that they had been forecasting that U.S. crude inventories can be up 6.5 million barrels for the week ending January 3.
“This compares to our early search for the week which anticipated a 7.4 million barrel construct, and a 1.2 million barrel draw realized for the week ending December 27,” the strategists stated within the report.
“For this week’s crude stability, from refineries, we mannequin crude runs decrease (-0.3 million barrels per day). Amongst internet imports, we mannequin a modest enhance, with exports (-0.8 million barrels per day) and imports decrease (-0.6 million barrels per day) on a nominal foundation,” they added.
“Timing of cargoes stays a supply of potential volatility on this week’s crude stability. Likewise, year-end/timing results might insert extra volatility on this week’s stats. However, from implied home provide (prod.+adj. +transfers), we search for a bounce (+0.6 million barrels per day) following a delicate print final week,” they continued.
“Rounding out the image, we anticipate a small enhance in SPR stock (+0.2 million barrels) on the week,” the strategists went on to state.
The Macquarie strategists highlighted within the report that, “amongst merchandise”, they appeared for “one other giant gasoline construct (+6.8 million barrels), with distillate shares additionally increased (+3.2 million barrels), and jet up barely (+0.1 million barrels)”.
“Amidst continued vacation/seasonal results, we mannequin implied demand for these three merchandise at ~13.2 million barrels per day for the week ending January 3,” the strategists added in that report.
In its earlier weekly petroleum standing report, which was launched on January 2 and included information for the week ending December 27, the EIA highlighted that U.S. industrial crude oil inventories, excluding these within the SPR, decreased by 1.2 million barrels from the week ending December 20 to the week ending December 27.
The EIA’s newest weekly petroleum standing report was launched on January 8 and included information for the week ending January 3. Its subsequent weekly petroleum standing report is scheduled to be launched on January 15. It should embody information for the week ending January 10.
To contact the creator, e-mail andreas.exarheas@rigzone.com
