U.S. business crude oil inventories, excluding these within the Strategic Petroleum Reserve (SPR), elevated by 1.4 million barrels from the week ending August 2 to the week ending August 9, in keeping with the U.S. Power Data Administration’s (EIA) newest weekly petroleum standing report.
Crude oil shares, not together with the SPR, stood at 430.7 million barrels on August 9, 429.3 million barrels on August 2, and 439.7 million barrels on August 11, 2023, the report confirmed. Crude oil within the SPR got here in at 376.5 million barrels on August 9, 375.8 million barrels on August 2, and 348.4 million barrels on August 11, 2023, the report revealed.
Complete petroleum shares within the U.S. – together with crude oil, whole motor gasoline, gas ethanol, kerosene sort jet gas, distillate gas oil, residual gas oil, propane/propylene, and different oils – stood at 1.663 billion barrels on August 9, the report confirmed. This determine was down 2.4 million barrels week on week and up 49.5 million barrels yr on yr, the report outlined.
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“At 430.7 million barrels, U.S. crude oil inventories are about 5 % beneath the 5 yr common for this time of yr,” the EIA famous in its newest weekly petroleum standing report.
“Complete motor gasoline inventories decreased by 2.9 million barrels from final week and are about three % beneath the 5 yr common for this time of yr. Each completed gasoline and mixing elements inventories decreased final week,” it added.
“Distillate gas inventories decreased by 1.7 million barrels final week and are about seven % beneath the 5 yr common for this time of yr. Propane/propylene inventories elevated by 2.2 million barrels from final week and are 14 % above the 5 yr common for this time of yr,” it continued.
U.S. crude oil refinery inputs averaged 16.5 million barrels per day in the course of the week ending August 9, which was 65,000 barrels per day greater than the earlier week’s common, the EIA said within the report, including that refineries operated at 91.5 % of their operable capability final week.
“Gasoline manufacturing decreased final week, averaging 9.7 million barrels per day. Distillate gas manufacturing decreased final week, averaging 4.8 million barrels per day,” the EIA stated.
U.S. crude oil imports averaged 6.3 million barrels per day final week, in keeping with the EIA, which highlighted that this was a rise of 61,000 barrels per day from the earlier week.
“Over the previous 4 weeks, crude oil imports averaged about 6.6 million barrels per day, 2.0 % lower than the identical four-week interval final yr,” the EIA said.
“Complete motor gasoline imports (together with each completed gasoline and gasoline mixing elements) final week averaged 578,000 barrels per day, and distillate gas imports averaged 81,000 barrels per day,” it added.
Complete merchandise equipped over the past four-week interval averaged 20.6 million barrels a day, in keeping with the EIA, which highlighted that this determine was down by 1.7 % from the identical interval final yr.
“Over the previous 4 weeks, motor gasoline product equipped averaged 9.2 million barrels a day, up by 2.2 % from the identical interval final yr,” the EIA stated within the report.
“Distillate gas product equipped averaged 3.7 million barrels a day over the previous 4 weeks, down by 2.3 % from the identical interval final yr. Jet gas product equipped was up 1.6 % in contrast with the identical four-week interval final yr,” it added.
In an oil and gasoline report despatched to Rigzone late Monday by the Macquarie workforce, previous to the discharge of the EIA’s newest weekly petroleum standing report, Macquarie strategists revealed that they had been forecasting that U.S. crude inventories can be up 3.7 million barrels for the week ending August 9.
In a separate report despatched to Rigzone late Wednesday by the Macquarie workforce, following the discharge of the EIA’s newest report, Macquarie strategists highlighted that the EIA “reported builds in business crude (+1.4 million barrels) and jet (+0.1 million barrels), with attracts in Cushing (-1.7 million barrels), gasoline (-2.9 million barrels) and distillate (-1.7 million barrels)”.
“Whereas the inventory modifications throughout business crude, jet, gasoline, and distillate had been directionally in keeping with our expectations, every realized tighter than we anticipated,” they added.
“On the crude facet, implied dom. provide bounced again sharply, however outperformance may replicate overstated exports. Amongst merchandise, implied demand/disappearance dissatisfied, however mild yields and imports helped ship tighter-than-expected balances,” they continued.
On this report, the strategists famous that, inside the crude steadiness, “runs had been barely above our expectation (+0.1 million barrels per day), with web imports considerably decrease than anticipated (-0.6 million barrels per day)”.
“Implied dom. provide (prod.+adj.+trans.) registered a sturdy 14.2 million barrels per day (we modeled ~13.9 million barrels per day), with the trailing 4 week common rising to 13.7 million barrels per day nominally; the latter seems considerably increased when adjusted for third-party estimated waterborne flows,” they added.
merchandise within the report, the strategists stated “implied demand got here in beneath our expectation this week, with gasoline+distillate+jet at 14.2 million barrels per day (vs. ~14.6 million barrels per day est.), with the trailing 4 week common at 14.6 million barrels per day vs. 14.4 million barrels per day for a similar 4 weeks final yr”.
“Likewise, whole disappearance (impl. demand + exports) for these three merchandise was additionally mild of our expectation at 16.8 million barrels per day (we had been on the lookout for ~17.3 million barrels per day), with the trailing 4 week common at 17.2 million barrels per day vs. 16.8 million barrels per day for a similar 4 weeks final yr,” they continued.
“In the meantime, crude runs are down modestly (-0.2 million barrels per day) yr on yr over the identical interval,” the Macquarie strategists went on to state.
To contact the writer, e-mail andreas.exarheas@rigzone.com
