U.S. industrial crude oil inventories, excluding these within the Strategic Petroleum Reserve (SPR), decreased by 3.9 million barrels from the week ending July 4 to the week ending July 11, the U.S. Power Data Administration (EIA) highlighted in its newest weekly petroleum standing report.
That report, which was launched on July 16 and included knowledge for the week ending July 11, confirmed that crude oil shares, not together with the SPR, stood at 422.2 million barrels on July 11, 426.0 million barrels on July 4, and 440.2 million barrels on July 12, 2024. The report highlighted that knowledge could not add as much as totals on account of impartial rounding.
Crude oil within the SPR stood at 402.7 million barrels on July 11, 403.0 million barrels on July 4, and 373.7 million barrels on July 12, 2024, the report revealed. 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 1.658 billion barrels on July 11, the report highlighted. Complete petroleum shares have been up 9.0 million barrels week on week and down 11.2 million barrels 12 months on 12 months, the report confirmed.
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“At 422.2 million barrels, U.S. crude oil inventories are about eight % 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 elevated by 3.4 million barrels from final week and are barely above the 5 12 months common for this time of 12 months. Completed gasoline inventories decreased and mixing parts inventories elevated final week,” it added.
“Distillate gas inventories elevated by 4.2 million barrels final week and are about 21 % under the 5 12 months common for this time of 12 months. Propane/propylene inventories elevated by 4.5 million barrels from final week and are 14 % above the 5 12 months common for this time of 12 months,” it continued.
U.S. crude oil refinery inputs averaged 16.8 million barrels per day throughout the week ending July 11, based on the report, which highlighted that this was 158,000 barrels per day lower than the earlier week’s common.
“Refineries operated at 93.9 % of their operable capability final week,” the EIA stated within the report.
“Gasoline manufacturing decreased final week, averaging 9.1 million barrels per day. Distillate gas manufacturing decreased by 109,000 barrels per day final week, averaging 5 million barrels per day,” it added.
U.S. crude oil imports averaged 6.4 million barrels per day final week, the report famous. This was a rise of 366,000 barrels per day from the earlier week, the report identified.
“Over the previous 4 weeks, crude oil imports averaged about 6.3 million barrels per day, 6.3 % 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 624,000 barrels per day, and distillate gas imports averaged 146,000 barrels per day,” it added.
Complete merchandise provided over the past four-week interval averaged 20.3 million barrels a day, down by 1.1 % from the identical interval final 12 months, the EIA acknowledged in its report.
“Over the previous 4 weeks, motor gasoline product provided averaged 9 million barrels a day, down by 1.6 % from the identical interval final 12 months,” it added.
“Distillate gas product provided averaged 3.7 million barrels a day over the previous 4 weeks, up by 4.4 % from the identical interval final 12 months. Jet gas product provided was up three % in contrast with the identical four-week interval final 12 months,” the EIA went on to state.
In a report despatched to Rigzone by the Macquarie staff late Monday, 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 July 11.
“This follows a 7.1 million barrel construct within the prior week, with the crude stability once more realizing considerably looser than our expectations,” the strategists acknowledged in that report.
To contact the creator, e mail andreas.exarheas@rigzone.com
