U.S. business crude oil inventories, excluding these within the Strategic Petroleum Reserve (SPR), decreased by 10.6 million barrels from the week ending August 18 to the week ending August 25, in keeping with the U.S. Vitality Info Administration’s (EIA) newest weekly petroleum standing report.
Crude oil shares, not together with the SPR, got here in at 422.9 million barrels on August 25, the EIA report confirmed. These shares had been at 433.5 million barrels on August 18 and 418.3 million barrels on August 26, 2022, the EIA report outlined.
There have been 349.5 million barrels of crude oil within the SPR on August 25, in keeping with the report, which highlighted that this determine stood at 348.9 million barrels on August 18 and 450.0 million barrels on August 26, 2022.
“At 422.9 million barrels, U.S. crude oil inventories are about three p.c beneath the 5 yr common for this time of yr,” the EIA famous within the report.
Whole motor gasoline inventories decreased by 0.2 million barrels from final week and are about 5 p.c beneath the 5 yr common for this time of yr, the report acknowledged, including that completed gasoline inventories elevated whereas mixing parts inventories decreased final week.
The report revealed that distillate gasoline inventories elevated by 1.2 million barrels final week and highlighted that they’re about 15 p.c beneath the 5 yr common for this time of yr. Propane/ propylene inventories elevated 3.2 million barrels from final week and are 21 p.c above the 5 yr common for this time of yr, the report famous.
Whole business petroleum inventories decreased by 8.0 million barrels final week, in keeping with the report.
U.S. crude oil refinery inputs averaged 16.6 million barrels per day throughout the week ending August 25, the report acknowledged, including that this was 173,000 barrels per day lower than the earlier week’s common.
“Refineries operated at 93.3 p.c of their operable capability final week,” the report mentioned.
U.S. crude oil imports averaged 6.6 million barrels per day final week and decreased by 316,000 barrels per day from the earlier week, the EIA report revealed.
“Over the previous 4 weeks, crude oil imports averaged about 6.8 million barrels per day, 12.1 p.c greater than the identical four-week interval final yr,” the report acknowledged.
Whole merchandise equipped during the last four-week interval averaged 21.2 million barrels a day, in keeping with the report, which famous that this was up by 6.1 p.c from the identical interval final yr.
“Over the previous 4 weeks, motor gasoline product equipped averaged 9.0 million barrels a day, up by 1.8 p.c from the identical interval final yr,” the report famous.
“Distillate gasoline product equipped averaged 3.7 million barrels a day over the previous 4 weeks, down by 1.0 p.c from the identical interval final yr. Jet gasoline product equipped was up 0.8 p.c in contrast with the identical four-week interval final yr,” it added.
In a report despatched to Rigzone late Tuesday, previous to the discharge of the EIA’s newest weekly petroleum standing report, Macquarie strategists revealed that they had been forecasting U.S. crude inventories down 8.8 million barrels for the week ending August 25.
“This follows a 6.1 million barrel draw for the week ending August 18, with the overall U.S. crude stability realizing modestly looser than we had anticipated,” the strategists mentioned within the report.
“From refineries, we search for a average drop in crude runs (-0.2 MBD). Amongst web imports, we search for exports considerably larger on a nominal foundation (+0.5 MBD) and imports down week on week (-0.2 MBD); with respect to the previous, we notice export timing might inject a level of volatility into this week’s stats,” the strategists added.
“From implied home provide (prod. + adj.), we search for a slight week on week enhance (+0.1 MBD). Rounding out the image, we anticipate one more small enhance in SPR stock on the week (+0.6 million barrels),” the strategists continued.
Within the report, the Macquarie strategists highlighted that, at Cushing, their refinery/pipeline mannequin was calling for a draw of 1.75 million barrels this week.
“Amongst merchandise, we search for a distillate draw (-1.0 million barrels) with builds in gasoline (+0.5 million barrels) and jet (+0.3 million barrels),” the strategists mentioned.
“We mannequin implied demand for these three merchandise at ~14.5 MBD in comparison with 14.4 MBD final week and a trailing four-week avg. of 14.4 MBD,” they added.
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