U.S. industrial crude oil inventories, excluding these within the Strategic Petroleum Reserve (SPR), decreased by 1.3 million barrels from the week ending December 5 to the week ending December 12.
That’s what the U.S. Power Info Administration (EIA) highlighted in its newest weekly petroleum standing report, which was launched on December 17 and included information for the week ending December 12.
The EIA report confirmed that crude oil shares, not together with the SPR, stood at 424.4 million barrels on December 12, 425.7 million barrels on December 5, and 421.0 million barrels on December 13, 2024.
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Crude oil within the SPR stood at 412.2 million barrels on December 12, 411.9 million barrels on December 5, and 393.1 million barrels on December 13, 2024, the report revealed. Complete petroleum shares – together with crude oil, complete motor gasoline, gas ethanol, kerosene kind jet gas, distillate gas oil, residual gas oil, propane/propylene, and different oils – stood at 1.687 billion barrels on December 12, the report confirmed. Complete petroleum shares have been up 2.4 million barrels week on week and up 60.9 million barrels 12 months on 12 months, the report identified.
“At 424.4 million barrels, U.S. crude oil inventories are about 4 % under the 5 12 months common for this time of 12 months,” the EIA mentioned in its newest weekly petroleum standing report.
“Complete motor gasoline inventories elevated by 4.8 million barrels from final week and are barely under the 5 12 months common for this time of 12 months. Completed gasoline inventories decreased, whereas mixing elements inventories elevated final week,” it added.
“Distillate gas inventories elevated by 1.7 million barrels final week and are about six % under the 5 12 months common for this time of 12 months. Propane/propylene inventories decreased 1.8 million barrels from final week and are about 17 % above the 5 12 months common for this time of 12 months,” it continued.
U.S. crude oil refinery inputs averaged 17.0 million barrels per day throughout the week ending December 12, in accordance with the report, which highlighted that this was 129,000 barrels per day greater than the earlier week’s common.
“Refineries operated at 94.8 % of their operable capability final week,” the EIA mentioned in its weekly petroleum standing report.
“Gasoline manufacturing elevated final week, averaging 9.6 million barrels per day. Distillate gas manufacturing decreased by 228,000 barrels per day final week, averaging 5.2 million barrels per day,” it added.
U.S. crude oil imports averaged 6.5 million barrels per day final week, the report acknowledged. It identified that this was a lower of 64,000 barrels per day from the earlier week.
“Over the previous 4 weeks, crude oil imports averaged about 6.4 million barrels per day, 1.8 % lower than the identical four-week interval final 12 months,” the EIA mentioned in its report.
“Complete motor gasoline imports (together with each completed gasoline and gasoline mixing elements) final week averaged 834,000 barrels per day, and distillate gas imports averaged 268,000 barrels per day,” it added.
Complete merchandise provided over the past four-week interval averaged 20.5 million barrels a day, up by 0.8 % from the identical interval final 12 months, the EIA acknowledged in its newest weekly petroleum standing report.
“Over the previous 4 weeks, motor gasoline product provided averaged 8.6 million barrels a day, down by 1.1 % from the identical because the final 12 months interval,” the EIA added.
“Distillate gas product provided averaged 3.7 million barrels a day over the previous 4 weeks, down by 2.2 % from the identical interval final 12 months. Jet gas product provided was down 2.1 % in contrast with the identical four-week interval final 12 months,” it continued.
In an oil and fuel report despatched to Rigzone by the Macquarie workforce this week, Macquarie strategists, together with Walt Chancellor, revealed that they have been forecasting that U.S. crude inventories could be up by 2.5 million barrels for the week ending December 12.
“This follows a 1.8 million barrel draw within the prior week, with the crude stability realizing fairly free relative to our expectations amidst an obvious surge in Canadian imports,” the strategists mentioned in that report.
“Whereas our balances level to a a lot looser basic image this week, we be aware some potential for a ‘catch-up’ to the tighter facet on this week’s information,” they warned.
In its report, the EIA additionally highlighted that the value for West Texas Intermediate crude oil was $57.61 per barrel on December 12. It identified that this was $2.62 lower than per week in the past and $13.93 lower than a 12 months in the past.
The report additionally highlighted that the nationwide common retail worth for normal gasoline decreased to $2.895 per gallon on December 15, “$0.045 lower than final week’s worth, and $0.121 lower than the year-ago worth”. It added that the nationwide common retail diesel gas worth “decreased $0.058 to $3.607 per gallon, $0.113 greater than the value one 12 months in the past”.
In response to the AAA Gasoline Costs web site, the typical worth of normal gasoline within the U.S. is $2.896 per gallon and the typical worth of diesel within the U.S. is $3.635 per gallon, as of December 18.
The EIA’s subsequent weekly petroleum standing report is scheduled to be launched on December 24. It can embody information for the week ending December 19.
To contact the writer, e mail andreas.exarheas@rigzone.com
