U.S. business crude oil inventories, excluding these within the Strategic Petroleum Reserve (SPR), decreased by 4.2 million barrels from the week ending December 13 to the week ending December 20, the U.S. Vitality Info Administration (EIA) highlighted in its newest weekly petroleum standing report.
Crude oil shares, not together with the SPR, stood at 416.8 million barrels on December 20, 421.0 million barrels on December 13, and 436.6 million barrels on December 22, 2023, the report confirmed. Crude oil within the SPR got here in at 393.3 million barrels on December 20, 393.1 million barrels on December 13, and 353.3 million barrels on December 22, 2023, based on the report.
Complete petroleum shares – together with crude oil, whole motor gasoline, gas ethanol, kerosene kind jet gas, distillate gas oil, residual gas oil, propane/propylene, and different oils – stood at 1.613 billion barrels on December 20, the report revealed. This determine was down 12.4 million barrels week on week and up 16.2 million barrels yr on yr, the report outlined.
- Advertisement -
“At 416.8 million barrels, U.S. crude oil inventories are about 5 % beneath the 5 yr common for this time of yr,” the EIA famous in its report.
“Complete motor gasoline inventories elevated by 1.6 million barrels from final week and are about three % beneath the 5 yr common for this time of yr. Each completed gasoline and mixing elements inventories elevated final week,” it added.
“Distillate gas inventories decreased by 1.7 million barrels final week and are about 10 % beneath the 5 yr common for this time of yr. Propane/propylene inventories decreased by 4.5 million barrels from final week and are 9 % 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 in the course of the week ending December 20, based on the report, which highlighted that this was 205,000 barrels per day greater than the earlier week’s common.
“Refineries operated at 92.5 % of their operable capability final week,” the report famous.
“Gasoline manufacturing elevated final week, averaging 9.9 million barrels per day. Distillate gas manufacturing elevated final week, averaging 5.3 million barrels per day,” it added.
U.S. crude oil imports averaged 6.5 million barrels per day final week, the report revealed. This determine represented a lower of 178,000 barrels per day from the earlier week, the report outlined.
“Over the previous 4 weeks, crude oil imports averaged about 6.6 million barrels per day, 2.2 % lower than the identical four-week interval final yr,” the report mentioned.
“Complete motor gasoline imports (together with each completed gasoline and gasoline mixing elements) final week averaged 657,000 barrels per day, and distillate gas imports averaged 180,000 barrels per day,” the EIA report added.
Complete merchandise provided during the last four-week interval averaged 20.7 million barrels a day, down by 0.1 % from the identical interval final yr, the report acknowledged.
“Over the previous 4 weeks, motor gasoline product provided averaged 8.9 million barrels a day, up by 0.7 % from the identical interval final yr,” it added.
“Distillate gas product provided averaged 3.9 million barrels a day over the previous 4 weeks, up by 1.7 % from the identical interval final yr. Jet gas product provided was up 6.5 % in contrast with the identical four-week interval final yr,” it continued.
The EIA report additionally highlighted that the nationwide common retail value for normal gasoline “elevated to $3.024 per gallon on December 23, 2024, $0.008 above final week’s value, and $0.092 lower than the year-ago value”.
The nationwide common retail diesel gas value decreased $0.018 to $3.476 per gallon, the report famous, declaring that this was $0.438 decrease than the value one yr in the past.
In line with the AAA Gas Costs web site, the typical U.S. common gasoline value is $3.043 per gallon and the typical U.S. diesel value is $3.506 per gallon, as of December 31. The week in the past common for gasoline was $3.401 per gallon and the week in the past common for diesel was $3.507 per gallon, the AAA web site confirmed.
In an oil and fuel report despatched to Rigzone by the Macquarie staff on December 23, Macquarie strategists revealed that they have been forecasting that U.S. crude inventories could be down by 3.8 million barrels for the week ending December 20.
“This compares to our early search for the week which anticipated a 4.6 million barrel draw, and a 0.9 million barrel draw realized for the week ending December 13,” the strategists mentioned in that report.
The EIA’s earlier weekly petroleum standing report, which was launched on December 18 and included knowledge for the week ending December 13, confirmed that crude oil shares, not together with the SPR, stood at 421.0 million barrels on December 13, 422.0 million barrels on December 6, and 443.7 million barrels on December 15, 2023. The EIA report highlighted that knowledge might not add as much as totals as a consequence of impartial rounding.
The EIA’s subsequent weekly petroleum standing report is scheduled to be launched on January 2. It can embrace knowledge for the week ending December 27.
To contact the creator, e-mail andreas.exarheas@rigzone.com
