U.S. industrial crude oil inventories, excluding these within the Strategic Petroleum Reserve (SPR), elevated by 0.2 million barrels from the week ending April 11 to the week ending April 18, the U.S. Power Info Administration (EIA) highlighted in its newest weekly petroleum standing report.
This report was launched on April 23 and included knowledge for the week ending April 18. It confirmed that crude oil shares, not together with the SPR, stood at 443.1 million barrels on April 18, 442.9 million barrels on April 11, and 453.6 million barrels on April 19, 2024. Crude oil within the SPR stood at 397.5 million barrels on April 18, 397.0 million barrels on April 11, and 365.7 million barrels on April 19, 2024, the report outlined.
Whole petroleum shares – together with crude oil, complete motor gasoline, gasoline ethanol, kerosene kind jet gasoline, distillate gasoline oil, residual gasoline oil, propane/propylene, and different oils – stood at 1.605 billion barrels on April 18, the report confirmed. Whole petroleum shares had been down 0.3 million barrels week on week and up 5.9 million barrels yr on yr, the report revealed.
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“At 443.1 million barrels, U.S. crude oil inventories are about 5 p.c under the 5 yr common for this time of yr,” the EIA stated in its newest weekly petroleum standing report.
“Whole motor gasoline inventories decreased by 4.5 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 parts inventories decreased final week,” it added.
“Distillate gasoline inventories decreased by 2.4 million barrels final week and are about 13 p.c under the 5 yr common for this time of yr. Propane/ propylene inventories elevated by 2.3 million barrels from final week and are seven p.c under the 5 yr common for this time of yr,” it continued.
U.S. crude oil refinery inputs averaged 15.9 million barrels per day through the week ending April 18, in line with the report, which highlighted that this was 326,000 barrels per day greater than the earlier week’s common.
“Refineries operated at 88.1 p.c of their operable capability final week,” the EIA famous within the report.
“Gasoline manufacturing elevated final week, averaging 10.1 million barrels per day. Distillate gasoline manufacturing decreased final week, averaging 4.6 million barrels per day,” it added.
U.S. crude oil imports averaged 5.6 million barrels per day final week, the report said. It identified that this was a lower of 412,000 barrels per day from the earlier week.
“Over the previous 4 weeks, crude oil imports averaged about 6.1 million barrels per day, 6.8 p.c lower than the identical four-week interval final yr,” the EIA stated within the report.
“Whole motor gasoline imports (together with each completed gasoline and gasoline mixing parts) final week averaged 858,000 barrels per day, and distillate gasoline imports averaged 97,000 barrels per day,” it added.
Whole merchandise equipped over the past four-week interval averaged 19.9 million barrels a day, up by 0.4 p.c from the identical interval final yr, the EIA said in its report.
“Over the previous 4 weeks, motor gasoline product equipped averaged 8.7 million barrels a day, down by 0.4 p.c from the identical interval final yr,” the EIA famous.
“Distillate gasoline product equipped averaged 3.9 million barrels a day over the previous 4 weeks, up by 12.8 p.c from the identical interval final yr. Jet gasoline product equipped was up 13.8 p.c in contrast with the identical four-week interval final yr,” it added.
In a Skandinaviska Enskilda Banken AB (SEB) report despatched to Rigzone on April 24 by the SEB staff, which regarded on the EIA’s newest weekly petroleum standing report, Ole R. Hvalbye, a commodities analyst on the firm, highlighted that “U.S. refinery exercise picked up within the week ending April 18, with crude inputs rising by 326,000 barrels per day to a complete of 15.9 million”.
“Utilization charges additionally climbed to 88.1 p.c. Gasoline output strengthened to 10.1 million barrels per day, whereas distillate gasoline manufacturing edged decrease to 4.6 million,” he added.
“Crude imports declined by 412,000 barrels per day to five.6 million final week. Over the previous month, import volumes have averaged 6.1 million barrels per day – down 6.8 p.c in comparison with the identical interval a yr in the past. Gasoline and distillate imports got here in at 858,000 and 97,000 barrels per day, respectively,” he identified.
Hvalbye went on to notice within the report that “inventories had been blended”.
“Crude oil inventories (excl. SPR) rose barely by 0.2 million barrels to 443.1 million, nonetheless 5 p.c under the five-year common. Gasoline inventories posted a pointy draw of 4.5 million barrels and at the moment are three p.c below seasonal norms,” he added.
“Diesel inventories dropped by 2.4 million barrels, leaving ranges 13 p.c under the five-year common. Propane inventories rose by 2.3 million however remained seven p.c below typical ranges,” he continued.
Hvalbye said within the report that product demand was typically secure.
“Whole merchandise equipped averaged 19.9 million barrels per day over the past 4 weeks, up 0.4 p.c yr on yr. Gasoline demand slipped by 0.4 p.c, whereas distillates and jet gasoline rose sharply, by 12.8 p.c and 13.8 p.c, respectively,” he highlighted.
In an oil and fuel report despatched to Rigzone late Monday by the Macquarie staff, Macquarie strategists revealed that they had been forecasting that U.S. crude inventories can be down 4.4 million barrels for the week ending April 18.
“This compares to our early look which anticipated a 0.3 million barrel construct,” Macquarie strategists stated in that report.
To contact the writer, e-mail andreas.exarheas@rigzone.com
