U.S. business crude oil inventories, excluding these within the Strategic Petroleum Reserve (SPR), decreased by 2.4 million barrels from the week ending August 15 to the week ending August 22, the U.S. Power Info Administration (EIA) highlighted in its newest weekly petroleum standing report.
This report was launched on August 27 and included knowledge for the week ending August 22. It confirmed that crude oil shares, not together with the SPR, stood at 418.3 million barrels on August 22, 420.7 million barrels on August 15, and 425.2 million barrels on August 23, 2024. Crude oil within the SPR stood at 404.2 million barrels on August 22, 403.4 million barrels on August 15, and 377.9 million barrels on August 23, 2024, the report revealed.
Whole petroleum shares – together with crude oil, whole motor gasoline, gasoline ethanol, kerosene sort jet gasoline, distillate gasoline oil, residual gasoline oil, propane/propylene, and different oils – stood at 1.662 billion barrels on August 22, the report highlighted. Whole petroleum shares had been down 3.6 million barrels week on week and up 6.8 million barrels 12 months on 12 months, the report confirmed.
- Advertisement -
“At 418.3 million barrels, U.S. crude oil inventories are about six % under the 5 12 months common for this time of 12 months,” the EIA mentioned in its newest weekly petroleum standing report.
“Whole motor gasoline inventories decreased by 1.2 million barrels from final week and are on the 5 12 months common for this time of 12 months. Completed gasoline inventories elevated and mixing parts inventories decreased final week,” it added.
“Distillate gasoline inventories decreased by 1.8 million barrels final week and are about 15 % under the 5 12 months common for this time of 12 months. Propane/propylene inventories elevated by 1.7 million barrels from final week and are 13 % above the 5 12 months common for this time of 12 months,” it went on to state.
U.S. crude oil refinery inputs averaged 16.9 million barrels per day through the week ending August 22, the EIA famous in its newest weekly petroleum standing report. The EIA highlighted within the report that this was 328,000 barrels per day lower than the earlier week’s common.
“Refineries operated at 94.6 % of their operable capability final week,” the EIA mentioned in its report.
“Gasoline manufacturing elevated final week, averaging 10 million barrels per day. Distillate gasoline manufacturing decreased by 112,000 barrels per day final week, averaging 5.2 million barrels per day,” it added.
U.S. crude oil imports averaged 6.2 million barrels per day final week, in accordance with the EIA’s report, which identified that this was a lower of 263,000 barrels per day from the earlier week.
“Over the previous 4 weeks, crude oil imports averaged about 6.4 million barrels per day, 0.4 % lower than the identical four-week interval final 12 months,” the EIA mentioned in its report.
“Whole motor gasoline imports (together with each completed gasoline and gasoline mixing parts) final week averaged 767,000 barrels per day, and distillate gasoline imports averaged 141,000 barrels per day,” it added.
Whole merchandise provided over the past four-week interval averaged 21.2 million barrels a day, up by 2.5 % from 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 9 million barrels a day, down by 1.1 % from the identical interval final 12 months,” it added.
“Distillate gasoline product provided averaged 3.9 million barrels a day over the previous 4 weeks, up by 7.7 % from the identical interval final 12 months. Jet gasoline product provided was up 1.7 % in contrast with the identical four-week interval final 12 months,” it continued.
The EIA additionally famous in its newest weekly petroleum standing report that the nationwide common retail worth for normal gasoline elevated to $3.147 per gallon on August 25, which it identified was “$0.022 greater than final week’s worth, and $0.166 lower than the year-ago worth”.
“The nationwide common retail diesel gasoline worth decreased $0.005 to $3.708 per gallon, $0.057 greater than the value one 12 months in the past,” the EIA added within the report.
In accordance with the AAA Gasoline Costs web site, as of August 28, the common common gasoline worth within the U.S. is $3.210 per gallon and the common U.S. diesel worth is $3.712 per gallon.
In an oil and gasoline report despatched to Rigzone by the Macquarie staff late Monday, Macquarie strategists, together with Walt Chancellor, revealed that they had been forecasting that U.S. crude inventories can be down by 1.9 million barrels for the week ending August 22.
“This follows a 6.0 million barrel draw within the prior week, with the crude stability once more realizing looser than our expectations,” the strategists mentioned in that report.
In its earlier weekly petroleum standing report, which was launched on August 20 and included knowledge for the week ending August 15, the EIA highlighted that U.S. business crude oil inventories, excluding these within the SPR, decreased by six million barrels from the week ending August 8 to the week ending August 15.
To contact the creator, electronic mail andreas.exarheas@rigzone.com
