U.S. business crude oil inventories, excluding these within the Strategic Petroleum Reserve (SPR), elevated by 3.6 million barrels from the week ending February 21 to the week ending February 28, the U.S. Vitality Info Administration (EIA) highlighted in its newest weekly petroleum standing report.
This report was launched on March 5 and included information for the week ending February 28. The report confirmed that crude oil shares, not together with the SPR, stood at 433.8 million barrels on February 28, 430.2 million barrels on February 21, and 448.5 million barrels on March 1, 2024. Crude oil within the SPR stood at 395.3 million barrels on February 28 and February 21, and 361.0 million barrels on March 1, 2024, the report outlined.
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 1.600 billion barrels on February 28, the report confirmed. Complete petroleum shares have been down 4.6 million barrels week on week and up 16.8 million barrels 12 months on 12 months, the report revealed.
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“At 433.8 million barrels, U.S. crude oil inventories are about 4 % beneath the 5 12 months common for this time of 12 months,” the EIA acknowledged in its newest weekly petroleum standing report.
“Complete motor gasoline inventories decreased by 1.4 million barrels from final week and are one % above the 5 12 months common for this time of 12 months. Completed gasoline inventories elevated, whereas mixing parts inventories decreased final week,” it added.
“Distillate gas inventories decreased by 1.3 million barrels final week and are about six % beneath the 5 12 months common for this time of 12 months. Propane/propylene inventories decreased by 2.9 million barrels from final week and are 4 % beneath the 5 12 months common for this time of 12 months,” it continued.
U.S. crude oil refinery inputs averaged 15.4 million barrels per day through the week ending February 28, based on the report, which highlighted that this was 346,000 barrels per day lower than the earlier week’s common.
“Refineries operated at 85.9 % of their operable capability final week,” the EIA stated in its report.
“Gasoline manufacturing elevated final week, averaging 9.6 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 5.8 million barrels per day final week, the report acknowledged. It identified that this was a lower of 106,000 barrels per day from the earlier week.
“Over the previous 4 weeks, crude oil imports averaged about 6.0 million barrels per day, 10.7 % lower than the identical four-week interval final 12 months,” the EIA stated within the report.
“Complete motor gasoline imports (together with each completed gasoline and gasoline mixing parts) final week averaged 603,000 barrels per day, and distillate gas imports averaged 269,000 barrels per day,” it added.
Complete merchandise provided over the past four-week interval averaged 20.2 million barrels a day, up by 3.4 % from the identical interval final 12 months, the EIA acknowledged within the report.
“Over the previous 4 weeks, motor gasoline product provided averaged 8.5 million barrels a day, up by 0.9 % from the identical interval final 12 months,” the EIA added.
“Distillate gas product provided averaged 4.0 million barrels a day over the previous 4 weeks, up by 7.1 % from the identical interval final 12 months. Jet gas product provided was up 1.3 % in contrast with the identical four-week interval final 12 months,” it continued.
In an oil and fuel 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 up by 1.2 million barrels for the week ending February 28.
“This compares to a 2.3 million barrel draw realized for the week ending February 21, with the crude steadiness realizing reasonably tighter than we had anticipated amidst surprisingly sturdy crude runs,” the strategists acknowledged within the report.
In its earlier weekly petroleum standing report, which was launched on February 26 and included information for the week ending February 21, the EIA highlighted that U.S. business crude oil inventories, excluding these within the SPR, decreased by 2.3 million barrels from the week ending February 14 to the week ending February 21.
The EIA’s subsequent weekly petroleum standing report is scheduled to be launched on March 12. It’ll embrace information for the week ending March 7.
To contact the writer, electronic mail andreas.exarheas@rigzone.com
