U.S. business crude oil inventories, excluding these within the Strategic Petroleum Reserve (SPR), elevated by 3.5 million barrels from the week ending Might 2 to the week ending Might 9, the U.S. Power Info Administration (EIA) highlighted in its newest weekly petroleum standing report.
That EIA report was launched on Might 14 and included knowledge for the week ending Might 9. The report confirmed that crude oil shares, not together with the SPR, stood at 441.8 million barrels on Might 9, 438.4 million barrels on Might 2, and 457.0 million barrels on Might 10, 2024. The EIA report highlighted that knowledge could not add as much as totals as a consequence of unbiased rounding.
Crude oil within the SPR stood at 399.7 million barrels on Might 9, 399.1 million barrels on Might 2, and 367.8 million barrels on Might 10, 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 1.617 billion barrels on Might 9, the report confirmed. Complete petroleum shares have been up 5.4 million barrels week on week and up 7.0 million barrels yr on yr, the report revealed.
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“At 441.8 million barrels, U.S. crude oil inventories are about six p.c under the 5 yr common for this time of yr,” the EIA acknowledged in its newest weekly petroleum standing report.
“Complete motor gasoline inventories decreased by a million barrels from final week and are about three p.c under the 5 yr common for this time of yr. Completed gasoline inventories elevated and mixing elements inventories decreased final week,” it added.
“Distillate gas inventories decreased by 3.2 million barrels final week and are about 16 p.c under the 5 yr common for this time of yr. Propane/propylene inventories elevated by 2.2 million barrels from final week and are 9 p.c under the 5 yr common for this time of yr,” it went on to state.
U.S. crude oil refinery inputs averaged 16.4 million barrels per day throughout the week ending Might 9, the EIA famous in its newest report. It highlighted that this was 330,000 barrels per day greater than the earlier week’s common.
“Refineries operated at 90.2 p.c of their operable capability final week,” the EIA stated within the report.
“Gasoline manufacturing decreased final week, averaging 9.4 million barrels per day. Distillate gas manufacturing decreased by 69,000 barrels per day final week, averaging 4.6 million barrels per day,” it added.
U.S. crude oil imports averaged 5.8 million barrels per day final week, in line with the EIA report, which identified that this was a lower of 214,000 barrels per day from the earlier week.
“Over the previous 4 weeks, crude oil imports averaged about 5.7 million barrels per day, 14.8 p.c lower than the identical four-week interval final yr,” the EIA acknowledged within the report.
“Complete motor gasoline imports (together with each completed gasoline and gasoline mixing elements) final week averaged 822,000 barrels per day, and distillate gas imports averaged 179,000 barrels per day,” it added.
Complete merchandise provided over the past four-week interval averaged 19.9 million barrels a day, the EIA stated in its newest weekly petroleum standing report. It identified that this determine was down by 1.2 p.c from the identical interval final yr.
“Over the previous 4 weeks, motor gasoline product provided averaged 9 million barrels a day, up by 3.8 p.c from the identical interval final yr,” the EIA added in its report.
“Distillate gas 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 gas product provided was up 6.4 p.c in contrast with the identical four-week interval final yr,” it went on to state.
In an oil report despatched to Rigzone by the Skandinaviska Enskilda Banken AB (SEB) group on Thursday, Ole R. Hvalbye, a Commodities Analyst on the firm, stated “EIA knowledge launched … [Wednesday] confirmed U.S. crude inventories unexpectedly rose 3.45 million barrels with a drop in exports and regardless of a bigger than anticipated improve in refinery runs”.
Hvalbye outlined within the report that, general, the EIA’s newest weekly petroleum standing report was “impartial … with restricted speedy value impacts”.
To contact the writer, electronic mail andreas.exarheas@rigzone.com
