U.S. industrial crude oil inventories, excluding these within the Strategic Petroleum Reserve (SPR), decreased by 12.2 million barrels from the week ending June 21 to the week ending June 28, the U.S. Power Data Administration’s (EIA) newest weekly petroleum standing report revealed.
Based on the report, which was launched on July 3, crude oil shares within the U.S., not together with the SPR, stood at 448.5 million barrels on June 28, 460.7 million barrels on June 21, and 452.2 million barrels on June 30, 2023. Crude oil within the SPR stood at 372.6 million barrels on June 28, 372.2 million barrels on June 21, and 347.2 million barrels on June 30, 2023, the report revealed.
Complete petroleum shares within the U.S. – 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 1.655 billion barrels on June 28, the report highlighted. This determine was down 12.6 million barrels week on week and up 47.3 million barrels yr on yr, the report outlined.
“At 448.5 million barrels, U.S. crude oil inventories are about 4 p.c beneath the 5 yr common for this time of yr,” the EIA famous within the report.
“Complete motor gasoline inventories decreased by 2.2 million barrels from final week and are one p.c beneath the 5 yr common for this time of yr. Each completed gasoline and mixing elements inventories decreased final week,” it added.
“Distillate gasoline inventories decreased by 1.5 million barrels final week and are about 10 p.c beneath the 5 yr common for this time of yr. Propane/propylene inventories elevated by 2.3 million barrels from final week and are 11 p.c above the 5 yr common for this time of yr,” it continued.
U.S. crude oil refinery inputs averaged 16.8 million barrels per day throughout the week ending June 28, the EIA acknowledged within the report, highlighting that this was 260,000 barrels per day greater than the earlier week’s common.
“Refineries operated at 93.5 p.c of their operable capability final week,” the EIA mentioned.
“Gasoline manufacturing elevated final week, averaging 10.1 million barrels per day. Distillate gasoline manufacturing elevated final week, averaging 5.1 million barrels per day,” it added within the report.
The EIA famous within the report that U.S. crude oil imports averaged 6.5 million barrels per day final week. This was a lower of 65,000 barrels per day from the earlier week, in response to the report.
“Over the previous 4 weeks, crude oil imports averaged about 7.1 million barrels per day, 9.0 p.c greater 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 elements) final week averaged 851,000 barrels per day, and distillate gasoline imports averaged 94,000 barrels per day,” it added.
Complete merchandise provided during the last four-week interval averaged 20.5 million barrels a day, down by 1.0 p.c from the identical interval final yr, the EIA acknowledged within the report.
“Over the previous 4 weeks, motor gasoline product provided averaged 9.2 million barrels a day, down by 1.7 p.c from the identical interval final yr,” it added.
“Distillate gasoline product provided averaged 3.7 million barrels a day over the previous 4 weeks, up by 1.4 p.c from the identical interval final yr. Jet gasoline product provided was down 1.3 p.c in contrast with the identical four-week interval final yr,” it continued.
The value for West Texas Intermediate (WTI) crude oil was $82.83 per barrel on June 28, $1.12 larger than per week in the past, and $12.17 greater than a yr in the past, the EIA report famous. The nationwide common retail value for normal gasoline rose to $3.479 per gallon on July 1, $0.041 above final week’s value, and $0.048 lower than the yr in the past value, it added.
On the time of writing, the WTI value is buying and selling at $83.42 per barrel. Based on the AAA Fuel Costs web site, the July 3 nationwide common value for normal gasoline was $3.513 per gallon.
In a report despatched to Rigzone by the Macquarie staff this week, previous to the discharge of the EIA’s newest weekly petroleum standing report, Macquarie strategists revealed that they have been forecasting that U.S. crude inventories could be down 10.9 million barrels for the week ending June 28. In that report, the strategists modeled a 0.7 million barrel week on week enhance within the SPR.
The EIA’s subsequent weekly petroleum standing report is scheduled to be launched on July 10. It’ll present knowledge for the week ending July 5.
To contact the creator, electronic mail andreas.exarheas@rigzone.com