U.S. industrial crude oil inventories, excluding these within the Strategic Petroleum Reserve (SPR) decreased by 2.0 million barrels from the week ending January 3 to the week ending January 10, the U.S. Vitality Data Administration (EIA) highlighted in its newest weekly petroleum standing report.
Crude oil shares, excluding the SPR, stood at 412.7 million barrels on January 10, 414.6 million barrels on January 3, and 429.9 million barrels on January 12, 2024, the EIA report revealed. Crude oil within the SPR got here in at 394.3 million barrels on January 10, 393.8 million barrels on January 3, and 355.6 million barrels on January 12, 2024, the report confirmed. The EIA report highlighted that information could not add as much as totals as a consequence of unbiased rounding.
Whole petroleum shares – together with crude oil, complete motor gasoline, gasoline ethanol, kerosene sort jet gasoline, distillate gasoline oil, residual gasoline oil, propane/propylene, and different oils – stood at 1.625 billion barrels on January 10, the report revealed. This determine was down 2.9 million barrels week on week and up 6.6 million barrels 12 months on 12 months, the report outlined.
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“At 412.7 million barrels, U.S. crude oil inventories are about six p.c under the 5 12 months common for this time of 12 months,” the EIA famous in its report.
“Whole motor gasoline inventories elevated by 5.9 million barrels from final week and are sightly under the 5 12 months common for this time of 12 months. Completed gasoline inventories and mixing elements inventories elevated final week,” it added.
“Distillate gasoline inventories elevated by 3.1 million barrels final week and are about 4 p.c under the 5 12 months common for this time of 12 months. Propane/propylene inventories decreased by 4.7 million barrels from final week and are seven p.c above the 5 12 months common for this time of 12 months,” it continued.
U.S. crude oil refinery inputs averaged 16.6 million barrels per day throughout the week ending January 10, in accordance with the report, which highlighted that this was 255,000 barrels per day lower than the earlier week’s common.
“Refineries operated at 91.7 p.c of their operable capability final week,” the EIA famous within the report.
“Gasoline manufacturing elevated final week, averaging 9.3 million barrels per day. Distillate gasoline manufacturing decreased final week, averaging 5.2 million barrels per day,” it added.
U.S. crude oil imports averaged 6.1 million barrels per day final week, the report acknowledged. That was a lower of 304,000 barrels per day from the earlier week, in accordance with the report.
“Over the previous 4 weeks, crude oil imports averaged about 6.5 million barrels per day, 3.3 p.c lower than the identical four-week interval final 12 months,” the report famous.
“Whole motor gasoline imports (together with each completed gasoline and gasoline mixing elements) final week averaged 450,000 barrels per day, and distillate gasoline imports averaged 219,000 barrels per day,” it added.
The EIA report acknowledged that complete merchandise provided over the past four-week interval averaged 20.2 million barrels a day. That was up by 1.1 p.c from the identical interval final 12 months, the report identified.
“Over the previous 4 weeks, motor gasoline product provided averaged 8.5 million barrels a day, up by 0.8 p.c from the identical interval final 12 months,” it added.
“Distillate gasoline product provided averaged 3.6 million barrels a day over the previous 4 weeks, up by 5.8 p.c from the identical interval final 12 months. Jet gasoline product provided was up 6.4 p.c in contrast with the identical four-week interval final 12 months,” it continued.
In a report despatched to Rigzone by the Skandinaviska Enskilda Banken AB (SEB) staff on Thursday morning, Bjarne Schieldrop, chief commodities analyst on the firm, highlighted that “U.S. crude shares fell two million barrels final week to its lowest degree since April 2022”.
“U.S. crude shares have declined each week since mid-November with a complete of 17.6 million barrels,” Schieldrop identified within the report.
In an oil and fuel report despatched to Rigzone by the Macquarie staff on Monday, Macquarie strategists revealed that they had been forecasting that U.S. crude inventories could be up 3.0 million barrels for the week ending January 10.
To contact the creator, electronic mail andreas.exarheas@rigzone.com
