U.S. industrial crude oil inventories, excluding these within the Strategic Petroleum Reserve (SPR), elevated by 8.7 million barrels from the week ending January 24 to the week ending January 31, the U.S. Vitality Info Administration (EIA) highlighted in its newest weekly petroleum standing report.
The report, which was launched on February 5 and included information for the week ending January 31, confirmed that crude oil shares, not together with the SPR, stood at 423.8 million barrels on January 31, 415.1 million barrels on January 24, and 427.4 million barrels on February 2, 2024. Crude oil within the SPR stood at 395.1 million barrels on January 31, 394.8 million barrels on January 24, and 358.0 million barrels on February 2, 2024, the report highlighted.
Complete petroleum shares – together with crude oil, complete motor gasoline, gas ethanol, kerosene sort jet gas, distillate gas oil, residual gas oil, propane/propylene, and different oils – stood at 1.605 billion barrels on January 31, the report revealed. This determine was down 2.5 million barrels week on week and up 20.6 million barrels yr on yr, the report outlined.
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“At 423.8 million barrels, U.S. crude oil inventories are about 5 p.c under the 5 yr common for this time of yr,” the EIA famous in its newest weekly petroleum standing report.
“Complete motor gasoline inventories elevated by 2.2 million barrels from final week and are barely above 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 decreased by 5.5 million barrels final week and are about 12 p.c under the 5 yr common for this time of yr. Propane/propylene inventories decreased by 4.8 million barrels from final week and are two p.c under the 5 yr common for this time of yr,” it continued.
Within the report, the EIA mentioned U.S. crude oil refinery inputs averaged 15.3 million barrels per day in the course of the week ending January 31. It identified that this was 159,000 barrels per day greater than the earlier week’s common.
“Refineries operated at 84.5 p.c of their operable capability final week,” the EIA mentioned within the report.
“Gasoline manufacturing decreased final week, averaging 9.2 million barrels per day. Distillate gas manufacturing decreased final week, averaging 4.6 million barrels per day,” it added.
U.S. crude oil imports averaged 6.9 million barrels per day final week, in accordance with the EIA report, which highlighted that this was a rise of 467,000 barrels per day from the earlier week.
“Over the previous 4 weeks, crude oil imports averaged about 6.6 million barrels per day, 2.8 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 593,000 barrels per day, and distillate gas imports averaged 159,000 barrels per day,” it added.
Complete merchandise equipped over the past four-week interval averaged 20.6 million barrels a day, the EIA acknowledged within the report. It outlined that this was up by 3.3 p.c from the identical interval final yr.
“Over the previous 4 weeks, motor gasoline product equipped averaged 8.3 million barrels a day, down by 0.2 p.c from the identical interval final yr,” the EIA mentioned within the report.
“Distillate gas product equipped averaged 4.3 million barrels a day over the previous 4 weeks, up by 13.7 p.c from the identical interval final yr. Jet gas product equipped was up 4.6 p.c in contrast with the identical four-week interval final yr,” it added.
In an oil and gasoline report despatched to Rigzone Thursday by the Macquarie crew, Macquarie strategists highlighted that, this week, the EIA “reported builds in industrial crude (+8.7 million barrels) and gasoline (+2.2 million barrels), with attracts in distillate (-5.5 million barrels) and jet (-1.2 million barrels)”.
“All instructed, the broad contours of the discharge (giant crude construct and distillate draw) had been in step with our expectations, albeit tighter in combination,” the strategists mentioned within the report.
“Throughout the crude steadiness, runs realized nicely above our expectation this week (+0.5 million barrels per day). Web imports had been barely under our expectation (-0.1 million barrels per day), with nominal implied dom. provide (prod.+adj.+trans.) above our expectation at 14.0 million barrels per day (we modeled ~13.8 million barrels per day),” they added.
“Amongst merchandise, implied demand was once more nicely above our expectation this week, with gasoline+distillate+jet at 14.7 million barrels per day (vs. ~13.8 million barrel per day est.), with the trailing 4 week common at 14.1 million barrels per day vs. 13.5 million barrels per day for a similar 4 weeks final yr,” the strategists continued.
“Likewise, complete disappearance (impl. demand + exports) for these three merchandise was additionally above our expectation at 16.6 million barrels per day (vs. ~16.3 million barrel per day est.), with the trailing 4 week common at 16.3 million barrels per day vs. 15.7 million barrels per day for a similar 4 weeks final yr,” they went on to state.
To contact the creator, e mail andreas.exarheas@rigzone.com
