U.S. business crude oil inventories, excluding these within the Strategic Petroleum Reserve (SPR), elevated by 1.7 million barrels from the week ending March 7 to the week ending March 14, the U.S. Vitality Data Administration (EIA) highlighted in its newest weekly petroleum standing report.
That report was launched on March 19 and included knowledge for the week ending March 14. This EIA report confirmed that crude oil shares, not together with the SPR, stood at 437.0 million barrels on March 14, 435.2 million barrels on March 7, and 445.0 million barrels on March 15, 2024. Crude oil within the SPR stood at 395.9 million barrels on March 14, 395.6 million barrels on March 7, and 362.3 million barrels on March 15, 2024, the report outlined. The EIA report highlighted that knowledge could not add as much as totals on account of unbiased rounding.
Whole 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 1.596 billion barrels on March 14, the report confirmed. Whole petroleum shares have been up 1.9 million barrels week on week and up 22.5 million barrels 12 months on 12 months, the report revealed.
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“At 437.0 million barrels, U.S. crude oil inventories are about 5 p.c beneath the 5 12 months common for this time of 12 months,” the EIA stated in its newest weekly petroleum standing report.
“Whole motor gasoline inventories decreased by 0.5 million barrels from final week and are two p.c above the 5 12 months common for this time of 12 months. Completed gasoline inventories and mixing elements inventories each decreased final week,” it added.
“Distillate gas inventories decreased by 2.8 million barrels final week and are about six p.c beneath the 5 12 months common for this time of 12 months. Propane/propylene inventories decreased by 1.9 million barrels from final week and are 12 p.c beneath the 5 12 months common for this time of 12 months,” it continued.
U.S. crude oil refinery inputs averaged 15.7 million barrels per day in the course of the week ending March 14, in line with the EIA report, which highlighted that this was 45,000 barrels per day lower than the earlier week’s common.
“Refineries operated at 86.9 p.c of their operable capability final week. Gasoline manufacturing elevated final week, averaging 9.6 million barrels per day. Distillate gas manufacturing elevated final week, averaging 4.6 million barrels per day,” the EIA famous within the report.
U.S. crude oil imports averaged 5.4 million barrels per day final week, the report acknowledged. It outlined that this was a lower of 85,000 barrels per day from the earlier week.
“Over the previous 4 weeks, crude oil imports averaged about 5.6 million barrels per day, 11.0 p.c lower than the identical four-week interval final 12 months,” the EIA stated within the report.
“Whole 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 257,000 barrels per day,” it added.
Whole merchandise provided over the past four-week interval averaged 20.6 million barrels a day, up by 2.5 p.c from the identical interval final 12 months, the EIA acknowledged in its report.
“Over the previous 4 weeks, motor gasoline product provided averaged 8.8 million barrels a day, even with the identical interval final 12 months,” it added.
“Distillate gas product provided averaged 4.0 million barrels a day over the previous 4 weeks, up by 8.3 p.c from the identical interval final 12 months. Jet gas product provided was up 5.2 p.c in contrast with the identical four-week interval final 12 months,” the EIA went on to state.
In a market evaluation despatched to Rigzone on Wednesday, Quasar Elizundia, Skilled Analysis Strategist at Pepperstone, stated, “in line with the most recent weekly report from the Vitality Data Administration, U.S. crude inventories rose by 1.7 million barrels, a determine that shocked the market, producing downward stress”.
“This improve displays a non permanent weakening in home demand, heightening considerations amongst buyers a few potential financial slowdown,” Elizundia added.
In an oil and gasoline report despatched to Rigzone late Monday by the Macquarie group, Macquarie strategists revealed that they have been forecasting that U.S. crude inventories could be down by 1.2 million barrels for the week ending March 14.
To contact the creator, electronic mail andreas.exarheas@rigzone.com
