U.S. industrial crude oil inventories, excluding these within the Strategic Petroleum Reserve (SPR), elevated by 4.1 million barrels from the week ending January 31 to the week ending February 7, the U.S. Power Info Administration (EIA) highlighted in its newest weekly petroleum standing report.
The report, which was launched on February 12 and included information for the week ending February 7, confirmed that crude oil shares, not together with the SPR, stood at 427.9 million barrels on February 7, 423.8 million barrels on January 31, and 439.5 million barrels on February 9, 2024. Crude oil within the SPR stood at 395.3 million barrels on February 7, 395.1 million barrels on January 31, and 358.8 million barrels on February 9, 2024, the report highlighted.
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 1.607 billion barrels on February 7, the report revealed. This determine was up 1.5 million barrels week on week and up 16.2 million barrels yr on yr, the report outlined.
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“At 427.9 million barrels, U.S. crude oil inventories are about 4 % beneath the 5 yr common for this time of yr,” the EIA mentioned in its newest weekly petroleum standing report.
“Complete motor gasoline inventories decreased by 3.0 million barrels from final week and are one % beneath the 5 yr common for this time of yr,” it added.
“Completed gasoline inventories and mixing elements inventories each decreased final week. Distillate gas inventories elevated by 0.1 million barrels final week and are about 11 % beneath the 5 yr common for this time of yr,” it continued.
“Propane/propylene inventories decreased by 2.6 million barrels from final week and are barely beneath the 5 yr common for this time of yr,” it went on to state.
Within the report, the EIA mentioned U.S. crude oil refinery inputs averaged 15.4 million barrels per day through the week ending February 7. The group identified that this was 82,000 barrels per day greater than the earlier week’s common.
“Refineries operated at 85.0 % of their operable capability final week,” the EIA mentioned within the report.
“Gasoline manufacturing elevated final week, averaging 9.3 million barrels per day. Distillate gas manufacturing decreased final week, averaging 4.5 million barrels per day,” it added.
U.S. crude oil imports averaged 6.3 million barrels per day final week, the EIA famous in its report. It highlighted that this was a lower of 606,000 barrels per day from the earlier week.
“Over the previous 4 weeks, crude oil imports averaged about 6.6 million barrels per day, 7.6 % 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 319,000 barrels per day, and distillate gas imports averaged 245,000 barrels per day,” it added.
Complete merchandise provided during the last four-week interval averaged 20.3 million barrels a day, up by 2.8 % from the identical interval final yr, the EIA acknowledged in its report.
“Over the previous 4 weeks, motor gasoline product provided averaged 8.3 million barrels a day, up by 0.9 % from the identical interval final yr,” the EIA added.
“Distillate gas product provided averaged 4.2 million barrels a day over the previous 4 weeks, up by 13.6 % from the identical interval final yr. Jet gas product provided was up 4.4 % in contrast with the identical four-week interval final yr,” it went on to state.
In a report despatched to Rigzone by the Skandinaviska Enskilda Banken AB (SEB) group on Thursday morning, Ole R. Hvalbye, a commodities analyst on the firm, highlighted that the EIA report “revealed a rise of 4.1 million barrels in U.S. crude oil inventories for the earlier week” and mentioned “this construct exceeded the consensus estimate of two.5 million barrels”.
“As of final week, whole U.S. crude inventories stand at 428 million barrels, which represents a lower of 12 million barrels in comparison with the identical week final yr,” Hvalbye identified within the report.
In a market evaluation despatched to Rigzone late Wednesday, Quasar Elizundia, Knowledgeable Analysis Strategist at Pepperstone, mentioned “West Texas Intermediate (WTI) recorded its largest drop since January, falling roughly 2.5 %, partially affected by the most recent report from the U.S. Power Info Administration”.
“The report revealed an sudden improve in U.S. crude inventories of 4.1 million barrels, bringing stockpiles to 427.9 million barrels,” Elizundia added.
“This buildup comes instantly after final week’s report confirmed the most important stock surge since February 2024, with a further 8.6 million barrels,” Elizundia went on to state.
To contact the writer, e mail andreas.exarheas@rigzone.com
