U.S. industrial crude oil inventories, excluding these within the Strategic Petroleum Reserve (SPR), elevated by 2.4 million barrels from the week ending August 22 to the week ending August 29, the U.S. Vitality Info Administration (EIA) highlighted in its newest weekly petroleum standing report.
This report was launched on September 4 and included information for the week ending August 29. It confirmed that crude oil shares, not together with the SPR, stood at 420.7 million barrels on August 29, 418.3 million barrels on August 22, and 418.3 million barrels on August 30, 2024. Crude oil within the SPR stood at 404.7 million barrels on August 29, 404.2 million barrels on August 22, and 379.7 million barrels on August 29, 2024, the report revealed.
Complete petroleum shares – together with crude oil, complete motor gasoline, gasoline ethanol, kerosene sort jet gasoline, distillate gasoline oil, residual gasoline oil, propane/propylene, and different oils – stood at 1.670 billion barrels on August 29, the report highlighted. Complete petroleum shares had been up 7.6 million barrels week on week and up 20.6 million barrels 12 months on 12 months, the report confirmed.
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“At 420.7 million barrels, U.S. crude oil inventories are about 4 p.c 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 decreased by 3.8 million barrels from final week and are about two p.c under the 5 12 months common for this time of 12 months. Each completed gasoline inventories and mixing elements inventories decreased final week,” it added.
“Distillate gasoline inventories elevated by 1.7 million barrels final week and are about 13 p.c under the 5 12 months common for this time of 12 months. Propane/propylene inventories elevated by 3.2 million barrels from final week and are 12 p.c above the 5 12 months common for this time of 12 months,” the EIA continued.
U.S. crude oil refinery inputs averaged 16.9 million barrels per day through the week ending August 29, in response to the EIA report, which identified that this was 11,000 barrels per day lower than the earlier week’s common.
“Refineries operated at 94.3 p.c of their operable capability final week,” the EIA stated within the report.
“Gasoline manufacturing decreased final week, averaging 9.9 million barrels per day. Distillate gasoline manufacturing elevated by 36,000 barrels per day final week, averaging 5.3 million barrels per day,” it added.
U.S. crude oil imports averaged 6.7 million barrels per day final week, the EIA identified in its report. This represented a rise of 508,000 barrels per day from the earlier week, the EIA highlighted within the report.
“Over the previous 4 weeks, crude oil imports averaged about 6.6 million barrels per day, 4.4 p.c greater than the identical four-week interval final 12 months,” the EIA famous in its report.
“Complete motor gasoline imports (together with each completed gasoline and gasoline mixing elements) final week averaged 582,000 barrels per day, and distillate gasoline imports averaged 96,000 barrels per day,” it added.
Complete merchandise provided during the last four-week interval averaged 21.3 million barrels a day, up by 2.5 p.c 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 9.1 million barrels a day, down by 0.8 p.c from the identical interval final 12 months,” the EIA stated.
“Distillate gasoline product provided averaged 3.9 million barrels a day over the previous 4 weeks, up by 4.2 p.c from the identical interval final 12 months. Jet gasoline product provided was up 4.4 p.c in contrast with the identical four-week interval final 12 months,” the EIA added.
In a market evaluation despatched to Rigzone on Wednesday, Konstantinos Chrysikos, Head of Buyer Relationship Administration at Kudotrade, stated merchants had been “forecasting a U.S. crude stock draw of roughly 3.4 million barrels for the week ending August 29”.
“A draw of this magnitude, to be confirmed within the official EIA report, might reinforce the view of a tightening near-term market stability and will assist costs,” Chrysikos added in that evaluation.
In an oil and fuel report despatched to Rigzone late Tuesday by the Macquarie crew, Macquarie strategists, together with Walt Chancellor, revealed that they had been forecasting that U.S. crude inventories can be down by 1.1 million barrels for the week ending August 29.
“This follows a 2.4 million barrel draw within the prior week, with the crude stability realizing barely tighter than our expectations,” the strategists stated in that report.
To contact the writer, e mail andreas.exarheas@rigzone.com
