U.S. industrial crude oil inventories, excluding these within the Strategic Petroleum Reserve (SPR), decreased by 2.3 million barrels from the week ending January 16 to the week ending January 23.
That’s what the U.S. Power Data Administration (EIA) highlighted in its newest weekly petroleum standing report, which was launched on January 28 and included knowledge for the week ending January 23.
Based on the report, crude oil shares, not together with the SPR, stood at 423.8 million barrels on January 23, 426.0 million barrels on January 16, and 415.1 million barrels on January 24, 2025. The report highlighted that knowledge might not add as much as totals resulting from unbiased rounding.
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Crude oil within the SPR stood at 415.0 million barrels on January 23, 414.5 million barrels on January 16, and 394.8 million barrels on January 24, 2025, the report revealed. Complete petroleum shares – together with crude oil, complete motor gasoline, gasoline ethanol, kerosene kind jet gasoline, distillate gasoline oil, residual gasoline oil, propane/propylene, and different oils – stood at 1.715 billion barrels on January 23, the report highlighted. Complete petroleum shares have been down 6.3 million barrels week on week and up 107.7 million barrels 12 months on 12 months, the report identified.
“At 423.8 million barrels, U.S. crude oil inventories are about three % beneath 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 0.2 million barrels from final week and are about 5 % above the 5 12 months common for this time of 12 months. Completed gasoline inventories elevated, whereas mixing parts inventories decreased final week,” it added.
“Distillate gasoline inventories elevated by 0.3 million barrels final week and are about one % above the 5 12 months common for this time of 12 months. Propane/propylene inventories decreased 4.7 million barrels from final week and are about 41 % above the 5 12 months common for this time of 12 months,” it continued.
U.S. crude oil refinery inputs averaged 16.2 million barrels per day in the course of the week ending January 23, in keeping with the EIA report, which highlighted that this was 395,000 barrels per day lower than the earlier week’s common.
“Refineries operated at 90.9 % of their operable capability final week,” the EIA stated within the report.
“Gasoline manufacturing elevated final week, averaging 9.6 million barrels per day. Distillate gasoline manufacturing decreased by 268,000 barrels per day final week, averaging 4.8 million barrels per day,” it added.
U.S. crude oil imports averaged 5.6 million barrels per day final week, the report famous. It identified that this was a lower of 804,000 barrels per day from the earlier week.
“Over the previous 4 weeks, crude oil imports averaged about 6.4 million barrels per day, 0.9 % lower than the identical four-week interval final 12 months,” the EIA stated in its report.
“Complete motor gasoline imports (together with each completed gasoline and gasoline mixing parts) final week averaged 364,000 barrels per day, and distillate gasoline imports averaged 253,000 barrels per day,” it added.
Complete merchandise provided during the last four-week interval averaged 20.3 million barrels per day, 0.1 % beneath the identical interval final 12 months, the EIA said in its report.
“Over the previous 4 weeks, motor gasoline product provided averaged 8.3 million barrels per day, down by 0.4 % from the identical interval final 12 months,” the EIA added.
“Distillate gasoline product provided averaged 3.7 million barrels per day over the previous 4 weeks, down by 4.8 % from the identical interval final 12 months. Jet gasoline product provided was up 5.5 % 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, forward of the discharge of the EIA’s newest weekly petroleum standing report, Macquarie strategists, together with Walt Chancellor, revealed that they have been forecasting that U.S. crude inventories could be up by 0.9 million barrels for the week ending January 23.
“This follows a 3.6 million barrel construct within the prior week, with the crude steadiness realizing considerably looser relative to our expectations, alongside one other giant product construct,” the strategists stated in that report.
“Whereas world crude fundamentals have seen important noise round sanctions, disruptions, and climate in latest months, we consider the extent of complete petroleum (crude + refined merchandise) builds within the extremely seen U.S. has been considerably underappreciated,” they added.
“In any occasion, for the week ending 1/23, from refineries, we search for a modest discount in crude runs (-0.3 million barrels per day); once more, we see some potential for continued outperformance right here as turnarounds have been gradual to materialize,” they famous.
“Amongst web imports, we mannequin a reasonable discount, with exports meaningfully larger (+0.5 million barrels per day) and imports successfully unchanged on a nominal foundation,” they said.
The Macquarie strategists warned within the report that “timing of cargoes stays a supply of potential volatility within the weekly crude steadiness, as does timing of turnarounds”.
“From implied home provide (prod.+adj.+transfers), we search for a modest nominal discount (-0.2 million barrels per day). Rounding out the image, we anticipate a smaller enhance (+0.5 million barrels) in SPR shares for the week ending 1/23,” they added.
The Macquarie strategists went on to state in that report that, “amongst merchandise”, they “once more search for one other significant gasoline construct (+3.9 million barrels), with distillate (-0.1 million barrels) and jet shares (+0.3 million barrels) comparatively flat”.
“We mannequin implied demand for these three merchandise at ~14.3 million barrels per day for the week ending January 23,” they stated.
To contact the writer, e mail andreas.exarheas@rigzone.com
