U.S. industrial crude oil inventories, excluding these within the Strategic Petroleum Reserve (SPR), elevated by 3.4 million barrels from the week ending January 2 to the week ending January 9.
That’s what the U.S. Vitality Data Administration (EIA) highlighted in its newest weekly petroleum standing report, which was launched on January 14 and included knowledge for the week ending January 9.
In accordance with this EIA report, crude oil shares, not together with the SPR, stood at 422.4 million barrels on January 9, 419.1 million barrels on January 2, and 412.7 million barrels on January 10, 2025. The report highlighted that knowledge might not add as much as totals because of unbiased rounding.
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Crude oil within the SPR stood at 413.7 million barrels on January 9, 413.5 million barrels on January 2, and 394.3 million barrels on January 10, 2025, the report confirmed. Complete petroleum shares – together with crude oil, whole motor gasoline, gasoline ethanol, kerosene kind jet gasoline, distillate gasoline oil, residual gasoline oil, propane/propylene, and different oils – stood at 1.713 billion barrels on January 9, the report revealed. Complete petroleum shares had been up 6.4 million barrels week on week and up 88.1 million barrels yr on yr, the report identified.
“At 422.4 million barrels, U.S. crude oil inventories are about three p.c beneath the 5 yr common for this time of yr,” the EIA mentioned in its newest weekly petroleum standing report.
“Complete motor gasoline inventories elevated by 9.0 million barrels from final week and are about 4 p.c above the 5 yr common for this time of yr. Completed gasoline inventories decreased, whereas mixing parts inventories elevated final week,” it added.
“Distillate gasoline inventories barely decreased final week and are about 4 p.c beneath the 5 yr common for this time of yr. Propane/propylene inventories decreased 2.4 million barrels from final week and are about 33 p.c above the 5 yr common for this time of yr,” it continued.
U.S. crude oil refinery inputs averaged 17.0 million barrels per day throughout the week ending January 9, in accordance with the EIA’s report, which identified that this was 48,000 barrels per day greater than the earlier week’s common.
“Refineries operated at 95.3 p.c of their operable capability final week,” the EIA mentioned in its report.
“Gasoline manufacturing elevated final week, averaging 9.0 million barrels per day. Distillate gasoline manufacturing decreased by 18,000 barrels per day final week, averaging 5.3 million barrels per day,” it added.
U.S. crude oil imports averaged 7.1 million barrels per day final week, the EIA famous in its report. It identified that this was a rise of 752,000 barrels per day from the earlier week.
“Over the previous 4 weeks, crude oil imports averaged about 6.1 million barrels per day, 5.7 p.c lower than the identical four-week interval final yr,” the EIA said in its newest weekly petroleum standing report.
“Complete motor gasoline imports (together with each completed gasoline and gasoline mixing parts) final week averaged 448,000 barrels per day, and distillate gasoline imports averaged 220,000 barrels per day,” it added.
Complete merchandise equipped over the past four-week interval averaged 20.0 million barrels a day, the EIA mentioned in its report, outlining that this was 1.1 p.c beneath the identical interval final yr.
“Over the previous 4 weeks, motor gasoline product equipped averaged 8.5 million barrels a day, just like the identical interval final yr,” the EIA said.
“Distillate gasoline product equipped averaged 3.7 million barrels a day over the previous 4 weeks, up by 2.2 p.c from the identical interval final yr. Jet gasoline product equipped was up 4.2 p.c in contrast with the identical four-week interval final yr,” it added.
Analyst Take
In a Skandinaviska Enskilda Banken AB (SEB) report despatched to Rigzone by the SEB staff on Thursday, which analyzed the EIA’s newest weekly petroleum standing report, SEB Commodities Analyst Ole R. Hvalbye famous that U.S. refinery exercise “stays very sturdy”.
“Crude runs edged larger final week to 17.0 million barrels per day, pushing utilization as much as 95.3 p.c, which is excessive for this time of yr. Gasoline output elevated, whereas distillate (diesel) manufacturing dipped barely, however general refinery throughput continues to hum alongside,” he mentioned within the report.
“On the stream aspect, crude imports jumped sharply, rising ~750,000 barrels per day to 7.1 million barrels per day. That’s a significant rebound WoW, even when the four-week common nonetheless sits about six p.c beneath final yr,” he added.
“Product imports had been combined, with gasoline imports on the decrease aspect and distillates comparatively elevated,” he continued.
Hvalbye went on to spotlight within the report that “U.S. industrial crude shares rose by 3.4 million barrels to 422.4 million barrels, leaving inventories nonetheless ~3 p.c beneath the five-year common, however shifting within the unsuitable course for bulls”.
“The actual eye-catcher was merchandise: gasoline inventories surged by 9.0 million barrels and at the moment are ~4 p.c above seasonal norms. Diesel inventories edged barely decrease on the week, however stays solely ~4 p.c beneath common, whereas propane inventories fell once more but are nonetheless an enormous 33 p.c above regular,” he mentioned.
“In whole, industrial petroleum inventories [excluding the SPR] elevated by 6.2 million barrels, confirming broad inventory builds throughout the barrel,” he identified.
Hvalbye famous within the report that, “on the demand aspect, the image stays gentle”.
“Merchandise equipped averaged 20.0 million barrels per day, down 1.1 p.c YoY. Gasoline demand was roughly flat, diesel stronger (+2.2 p.c YoY), and jet gasoline continued to outperform (+4.2 p.c YoY), however general demand progress isn’t sturdy sufficient to stop inventories from rising,” he mentioned.
“Even with refineries working near max, larger imports and gentle demand proceed to push shares larger. The U.S. steadiness stays comfortably equipped, reinforcing the broader surplus narrative regardless of ongoing geopolitical noise,” Hvalbye went on to state.
To contact the creator, electronic mail andreas.exarheas@rigzone.com
