U.S. industrial crude oil inventories, excluding these within the Strategic Petroleum Reserve (SPR), decreased by 9.0 million barrels from the week ending February 6 to the week ending February 13, the U.S. Power Data Administration (EIA) highlighted in its newest weekly petroleum standing report.
In response to this report, which was launched on February 19 and included knowledge for the week ending February 13, crude oil shares, not together with the SPR, stood at 419.8 million barrels on February 13, 428.8 million barrels on February 6, and 432.5 million barrels on February 14, 2025. Crude oil within the SPR stood at 415.4 million barrels on February 13, 415.2 million barrels on February 6, and 395.3 million barrels on February 14, 2025, the EIA report revealed.
Complete petroleum shares – 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 1.670 billion barrels on February 13, the report highlighted. Complete petroleum shares had been down 18.9 million barrels week on week and up 62.9 million barrels 12 months on 12 months, the report identified.
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“At 419.8 million barrels, U.S. crude oil inventories are about 5 % under the 5 12 months common for this time of 12 months,” the EIA stated in its newest weekly petroleum standing report.
“Complete motor gasoline inventories decreased by 3.2 million barrels from final week and are about three % above the 5 12 months common for this time of 12 months. Each completed gasoline and mixing elements inventories decreased final week,” it added.
“Distillate gas inventories decreased by 4.6 million barrels final week and are about 5 % under the 5 12 months common for this time of 12 months. Propane/propylene inventories decreased 3.1 million barrels from final week and are about 39 % above the 5 12 months common for this time of 12 months,” it continued.
U.S. crude oil refinery inputs averaged 16.1 million barrels per day in the course of the week ending February 13, in keeping with the EIA report, which famous that this was 77,000 barrels per day greater than the earlier week’s common.
“Refineries operated at 91.0 % of their operable capability final week,” the EIA stated in its report.
“Gasoline manufacturing elevated final week, averaging 9.4 million barrels per day. Distillate gas manufacturing elevated by 28,000 barrels per day final week, averaging 4.9 million barrels per day,” it added.
U.S. crude oil imports averaged 6.5 million barrels per day final week, the report famous. This marked a lower of 281,000 barrels per day from the earlier week, the report outlined.
“Over the previous 4 weeks, crude oil imports averaged about 6.3 million barrels per day, 1.3 % lower than the identical four-week interval final 12 months,” the EIA stated.
“Complete motor gasoline imports (together with each completed gasoline and gasoline mixing elements) final week averaged 353,000 barrels per day, and distillate gas imports averaged 199,000 barrels per day,” it added.
Complete merchandise provided over the past four-week interval averaged 21.2 million barrels per day, 4.1 % above the identical interval final 12 months, the EIA said in its newest weekly petroleum standing report.
“Over the previous 4 weeks, motor gasoline product provided averaged 8.5 million barrels per day, 1.5 % above the identical interval final 12 months,” the EIA stated.
“Distillate gas product provided averaged 4.4 million barrels per day over the previous 4 weeks, up by 2.5 % from the identical interval final 12 months. Jet gas product provided was down 1.9 % in contrast with the identical four-week interval final 12 months,” the EIA added.
Analyst View
In a Skandinaviska Enskilda Banken AB (SEB) report despatched to Rigzone on Friday, SEB Commodities Analyst Ole R. Hvalbye famous that yesterday’s EIA report “delivered a sizeable draw throughout the board”.
“Business crude inventories fell by 9.0 million barrels, materially stronger than Bloomberg consensus (+2.1 million barrels) and effectively under the sooner API indication (-0.6 million barrels),” he added.
“Following the draw, U.S. crude inventories now stand at 419.8 million barrels, roughly 5 % under the five-year common for this time of 12 months and round 10 million barrels decrease than the identical week final 12 months,” he continued.
“That isn’t tight in absolute phrases, nevertheless it does transfer the steadiness incrementally in the precise path,” he famous.
Hvalbye went on to state that the power was not restricted to crude.
“Gasoline inventories declined by 3.2 million barrels (consensus: -0.3 million barrels), whereas diesel inventories fell 4.6 million barrels (consensus: -2.1 million barrels). Propane inventories additionally dropped 3.1 million barrels, although they continue to be comfortably above seasonal norms,” he added.
“In whole, mixed industrial petroleum inventories [excluding the SPR] fell by 19.1 million barrels on the week, a sizeable headline draw and a supportive knowledge level on the margin,” he stated.
On the operational aspect, refinery inputs rose modestly, with utilization ticking up 0.6 proportion factors to 91.0 %, Hvalbye said within the report.
“Crude runs common 16.1 million barrels per day. Product output elevated barely, with gasoline manufacturing at 9.4 million barrels per day and distillate at 4.9 million barrels per day,” he added.
The SEB Commodities Analyst went on to notice that imports had been considerably softer.
“Crude imports averaged 6.5 million barrels per day, down 281,000 barrels per day week on week. On a four-week common foundation, crude imports are operating about 1.3 % under the identical interval final 12 months,” he stated.
Hvalbye additionally famous within the SEB report that demand indicators stay constructive.
“Complete merchandise provided over the previous 4 weeks averaged 21.2 million barrels per day, up 4.1 % 12 months on 12 months. Gasoline demand is operating 1.5 % larger 12 months on 12 months, whereas diesel demand is up 2.5 %. Jet gas demand is the one weaker pocket, down 1.9 % versus final 12 months,” he stated.
Hvalbye concluded by noting that, “in brief”, the most recent EIA knowledge “added a essentially supportive backdrop at a time when geopolitics dominated headlines”.
“The draw was broad-based and stronger than anticipated, and whereas one week doesn’t outline a pattern, it reduces the argument for near-term oversupply,” he added.
To contact the writer, electronic mail andreas.exarheas@rigzone.com
