U.S. business crude oil inventories, excluding these within the Strategic Petroleum Reserve (SPR), decreased by 2.5 million barrels from the week ending June 7 to the week ending June 14, the U.S. Vitality Info Administration’s (EIA) newest weekly petroleum standing report highlighted.
U.S. crude oil shares, not together with the SPR, got here in at 457.1 million barrels per day on June 14, 459.7 million barrels per day on June 7, and 463.3 million barrels per day on June 16, 2023, the report confirmed. Crude oil within the SPR stood at 370.9 million barrels per day on June 14, 370.5 million barrels per day on June 7, and 350.0 million barrels per day on June 16, 2023, the report revealed.
Whole petroleum shares within the U.S. – together with crude oil, complete motor gasoline, gas ethanol, kerosene sort jet gas, distillate gas oil, residual gas oil, propane/propylene, and different oils – stood at 1.658 billion barrels on June 14, the report highlighted. This determine was up 0.2 million barrels week on week and up 39.6 million barrels yr on yr, the report outlined.
“At 457.1 million barrels, U.S. crude oil inventories are about 4 % under the 5 yr common for this time of yr,” the EIA famous within the report.
“Whole motor gasoline inventories decreased by 2.3 million barrels from final week and are about one % under the 5 yr common for this time of yr. Each completed gasoline and mixing parts inventories decreased final week,” it added.
“Distillate gas inventories decreased by 1.7 million barrels final week and are about eight % under the 5 yr common for this time of yr. Propane/propylene inventories elevated by 1.6 million barrels from final week and are 10 % above the 5 yr common for this time of yr,” it continued.
U.S. crude oil refinery inputs averaged 16.8 million barrels per day through the week ending June 14, in line with the report, which highlighted that this was 281,000 barrels per day lower than the earlier week’s common.
“Refineries operated at 93.5 % of their operable capability final week,” the EIA stated within the report.
“Gasoline manufacturing elevated final week, averaging 10.2 million barrels per day. Distillate gas manufacturing decreased final week, averaging 4.8 million barrels per day,” it added.
U.S. crude oil imports averaged 7.1 million barrels per day final week, the report famous. The EIA highlighted that this determine decreased by 1.3 million barrels per day from the earlier week.
“Over the previous 4 weeks, crude oil imports averaged about 7.3 million barrels per day, 11.6 % greater than the identical four-week interval final yr,” the EIA said within the report.
“Whole motor gasoline imports (together with each completed gasoline and gasoline mixing parts) final week averaged a million barrels per day, and distillate gas imports averaged 150,000 barrels per day,” it added.
Whole merchandise provided during the last four-week interval averaged 20.0 million barrels a day, up by 0.2 % from the identical interval final yr, the EIA said within the report.
“Over the previous 4 weeks, motor gasoline product provided averaged 9.1 million barrels a day, down by 1.0 % from the identical interval final yr,” the EIA added.
“Distillate gas product provided averaged 3.7 million barrels a day over the previous 4 weeks, down by 1.5 % from the identical interval final yr. Jet gas product provided was up 5.0 % in contrast with the identical four-week interval final yr,” it continued.
In a report despatched to Rigzone by the Macquarie crew this week, previous to the discharge of the EIA’s newest weekly petroleum standing report, Macquarie strategists revealed that they have been forecasting that U.S. crude inventories can be down 5.5 million barrels for the week ending June 14.
“This compares to a 3.7 million barrel construct for the week ending June 7, with the whole U.S. crude steadiness realizing modestly looser than we had anticipated final week,” the strategists said within the report.
“From refineries, we mannequin crude runs minimally greater to a stout ~17.1 million barrels per day. Amongst internet imports, we mannequin a really giant nominal lower, with exports sharply greater on a nominal foundation (+1.3 million barrels per day) and imports additionally down closely (-1.5 million barrels per day),” they added.
“Timing of cargoes may add a level of volatility to this week’s crude steadiness. From implied home provide (prod.+adj.+transfers), we search for a rebound (+1.5 million barrels per day) this week, following a really mushy nominal print final week,” they continued.
“Rounding out the image, we anticipate a reasonably related enhance in SPR stock (+0.4 million barrels) on the week,” the Macquarie strategists went on to state in that report.
To contact the writer, e-mail andreas.exarheas@rigzone.com