U.S. industrial crude oil inventories, excluding these within the Strategic Petroleum Reserve (SPR), decreased by 2.3 million barrels from the week ending February 14 to the week ending February 21, the U.S. Power Data Administration (EIA) highlighted in its newest weekly petroleum standing report.
That report was launched on February 26 and included knowledge for the week ending February 21. It confirmed that crude oil shares, not together with the SPR, stood at 430.2 million barrels on February 21, 432.5 million barrels on February 14, and 447.2 million barrels on February 23, 2024. Crude oil within the SPR stood at 395.3 million barrels on February 21 and February 14, and 360.3 million barrels on February 23, 2024, the report outlined.
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 1.605 billion barrels on February 21, the report confirmed. Complete petroleum shares have been down 2.2 million barrels week on week and up 16.6 million barrels yr on yr, the report outlined.
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“At 430.2 million barrels, U.S. crude oil inventories are about 4 p.c beneath the 5 yr common for this time of yr,” the EIA stated in its newest weekly petroleum standing report.
“Complete motor gasoline inventories elevated by 0.4 million barrels from final week and are barely beneath the 5 yr common for this time of yr. Completed gasoline inventories decreased, whereas mixing elements inventories elevated final week,” it added.
“Distillate gas inventories elevated by 3.9 million barrels final week and are about eight p.c beneath the 5 yr common for this time of yr. Propane/propylene inventories decreased by 3.7 million barrels from final week and are one p.c beneath the 5 yr common for this time of yr,” it continued.
U.S. crude oil refinery inputs averaged 15.7 million barrels per day in the course of the week ending February 21, in line with the report, which highlighted that this was 317,000 barrels per day greater than the earlier week’s common.
“Refineries operated at 86.5 p.c of their operable capability final week,” the EIA stated within the report.
“Gasoline manufacturing decreased final week, averaging 9.2 million barrels per day. Distillate gas manufacturing elevated final week, averaging 5.2 million barrels per day,” it added.
U.S. crude oil imports averaged 5.9 million barrels per day final week, the report famous. It outlined that this was a rise of 98,000 barrels per day from the earlier week.
“Over the previous 4 weeks, crude oil imports averaged about 6.2 million barrels per day, 5.5 p.c lower than the identical four-week interval final yr,” the EIA stated within the report.
“Complete motor gasoline imports (together with each completed gasoline and gasoline mixing elements) final week averaged 462,000 barrels per day, and distillate gas imports averaged 370,000 barrels per day,” it added.
Complete merchandise equipped during the last four-week interval averaged 20.3 million barrels a day, up by 4.2 p.c from the identical interval final yr, the EIA said in its report.
“Over the previous 4 weeks, motor gasoline product equipped averaged 8.4 million barrels a day, down by 0.1 p.c from the identical interval final yr,” it added.
“Distillate gas product equipped averaged 4.2 million barrels a day over the previous 4 weeks, up by 13.1 p.c from the identical interval final yr. Jet gas product equipped was up 4.5 p.c in contrast with the identical four-week interval final yr,” it continued.
In an oil and fuel report despatched to Rigzone by the Macquarie crew late Monday, Macquarie strategists revealed that they have been forecasting that U.S. crude inventories could be up by 0.6 million barrels for the week ending February 21.
“This compares to our early search for the week which anticipated a 0.7 million barrel construct, and a 4.6 million barrel construct realized for the week ending February 14,” the strategists stated within the report.
In its earlier weekly petroleum standing report, which was launched on February 20 and included knowledge for the week ending February 14, the EIA highlighted that U.S. industrial crude oil inventories, excluding these within the SPR, elevated by 4.6 million barrels from the week ending February 7 to the week ending February 14.
The EIA’s newest weekly petroleum standing report additionally famous that the nationwide common retail value for normal gasoline decreased to $3.125 per gallon on February 24. It highlighted that this was “$0.23 beneath final week’s value, and $0.124 lower than the year-ago value”.
“The nationwide common retail diesel gas value elevated $0.020 to $3.697 per gallon, $0.361 decrease than the value one yr in the past,” the EIA said in its newest report.
Based on the AAA Gasoline Costs web site, the U.S. common common gasoline value is $3.125 per gallon, as of February 27. The U.S. common diesel value is $3.676 per gallon, as of February 27, the location confirmed.
To contact the creator, electronic mail andreas.exarheas@rigzone.com
