U.S. business crude oil inventories, excluding these within the Strategic Petroleum Reserve (SPR), decreased by 5.8 million barrels from the week ending June 13 to the week ending June 20, the U.S. Power Info Administration (EIA) highlighted in its newest weekly petroleum standing report.
This report, which was launched on June 25 and included knowledge for the week ending June 20, confirmed that crude oil shares, not together with the SPR, stood at 415.1 million barrels on June 20, 420.9 million barrels on June 13, and 460.7 million barrels on June 21, 2024. Crude oil within the SPR stood at 402.5 million barrels on June 20, 402.3 million barrels on June 13, and 372.2 million barrels on June 21, 2024, the report revealed.
Complete petroleum shares – together with crude oil, whole motor gasoline, gasoline ethanol, kerosene sort jet gasoline, distillate gasoline oil, residual gasoline oil, propane/propylene, and different oils – stood at 1.633 billion barrels on June 20, the report highlighted. Complete petroleum shares had been down 3.9 million barrels week on week and down 35.0 million barrels yr on yr, the report confirmed.
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“At 415.1 million barrels, U.S. crude oil inventories are about 11 % beneath the 5 yr common for this time of yr,” the EIA famous in its newest weekly petroleum standing report.
“Complete motor gasoline inventories decreased by 2.1 million barrels from final week and are about three % beneath the 5 yr common for this time of yr. Each Completed gasoline inventories and mixing elements inventories decreased final week,” it added.
“Distillate gasoline inventories decreased by 4.1 million barrels final week and are about 20 % beneath the 5 yr common for this time of yr. Propane/propylene inventories elevated by 5.1 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 17 million barrels per day in the course of the week ending June 20. It highlighted that this was 125,000 barrels per day greater than the earlier week’s common.
“Refineries operated at 94.7 % of their operable capability final week,” the EIA mentioned within the report.
“Gasoline manufacturing remained flat final week, averaging 10.1 million barrels per day. Distillate gasoline manufacturing decreased by 185,000 barrels per day final week, averaging 4.8 million barrels per day,” it added.
U.S. crude oil imports averaged 5.9 million barrels per day final week, in accordance with the report, which identified that this was a rise of 439,000 barrels per day from the earlier week.
“Over the previous 4 weeks, crude oil imports averaged about six million barrels per day, 17.4 % lower than the identical four-week interval final yr,” the EIA mentioned in its report.
“Complete motor gasoline imports (together with each completed gasoline and gasoline mixing elements) final week averaged 1,007 thousand barrels per day, and distillate gasoline imports averaged 73,000 barrels per day,” they added.
Complete merchandise provided during the last four-week interval averaged 20 million barrels a day, down by 1.6 % from the identical interval final yr, the EIA acknowledged within the report.
“Over the previous 4 weeks, motor gasoline product provided averaged 9.1 million barrels a day, up by 0.2 % from the identical interval final yr,” it added.
“Distillate gasoline product provided averaged 3.5 million barrels a day over the previous 4 weeks, down by 3.2 % from the identical interval final yr. Jet gasoline product provided was up 4.3 % in contrast with the identical four-week interval final yr,” the EIA went on to state.
In a report despatched to Rigzone by the Skandinaviska Enskilda Banken AB (SEB) staff on Thursday, Ole R. Hvalbye, a commodities analyst on the firm, mentioned the EIA’s weekly petroleum standing report “confirmed a considerable drawdown throughout key petroleum classes, including extra upside potential to the basic image”.
An oil and gasoline report despatched to Rigzone by the Macquarie staff late Monday revealed that Macquarie strategists, together with Walt Chancellor and Vikas Dwivedi, had been forecasting that U.S. crude inventories could be down by 0.9 million barrels for the week ending June 20.
To contact the creator, e-mail andreas.exarheas@rigzone.com
