U.S. business crude oil inventories, excluding these within the Strategic Petroleum Reserve (SPR), elevated by 8.5 million barrels from the week ending January 30 to the week ending February 6.
That’s what the U.S. Vitality Data Administration (EIA) highlighted in its newest weekly petroleum standing report, which was launched on Wednesday and included information for the week ending February 6.
In accordance with the EIA report, crude oil shares, not together with the SPR, stood at 428.8 million barrels on February 6, 420.3 million barrels on January 30, and 427.9 million barrels on February 7, 2025. Crude oil within the SPR stood at 415.2 million barrels on February 6, 415.2 million barrels on January 30, and 395.3 million barrels on February 7, 2025, the EIA report revealed.
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Complete petroleum shares – together with crude oil, whole motor gasoline, gas ethanol, kerosene kind jet gas, distillate gas oil, residual gas oil, propane/propylene, and different oils – stood at 1.689 billion barrels on February 6, the report highlighted. Complete petroleum shares have been down 1.7 million barrels week on week and up 81.9 million barrels yr on yr, the report identified.
“At 428.8 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 1.2 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 elements inventories elevated final week,” it added.
“Distillate gas inventories decreased by 2.7 million barrels final week and are about 4 p.c beneath the 5 yr common for this time of yr. Propane/propylene inventories decreased 5.4 million barrels from final week and are about 36 p.c above the 5 yr common for this time of yr,” it continued.
U.S. crude oil refinery inputs averaged 16.0 million barrels per day in the course of the week ending February 6, in keeping with the EIA report, which famous that this was 29,000 barrels per day lower than the earlier week’s common.
“Refineries operated at 89.4 p.c of their operable capability final week,” the EIA mentioned in its report.
“Gasoline manufacturing elevated final week, averaging 9.1 million barrels per day. Distillate gas manufacturing elevated by 45,000 barrels per day final week, averaging 4.9 million barrels per day,” it added.
U.S. crude oil imports averaged 6.8 million barrels per day final week, the report famous, mentioning that this was a rise of 604,000 barrels per day from the earlier week.
“Over the previous 4 weeks, crude oil imports averaged about 6.3 million barrels per day, 5.0 p.c lower than the identical four-week interval final yr,” the EIA mentioned.
“Complete motor gasoline imports (together with each completed gasoline and gasoline mixing elements) final week averaged 365,000 barrels per day, and distillate gas imports averaged 151,000 barrels per day,” it added.
Complete merchandise provided over the past four-week interval averaged 20.8 million barrels per day, 2.4 p.c above the identical interval final yr, the EIA said in its report.
“Over the previous 4 weeks, motor gasoline product provided averaged 8.3 million barrels per day, 0.7 p.c beneath the identical interval final yr,” it added.
“Distillate gas product provided averaged 4.1 million barrels per day over the previous 4 weeks, down by 3.2 p.c from the identical interval final yr. Jet gas product provided was down 2.3 p.c in contrast with the identical four-week interval final yr,” it continued.
In a Skandinaviska Enskilda Banken AB (SEB) report despatched to Rigzone on Thursday, SEB Commodities Analyst Ole R. Hvalbye outlined that “a sizeable construct in U.S. business crude inventories added … draw back stress” to Brent.
“U.S business crude inventories rose by 8.5 million barrels final week to 428.8 million barrels – that may be a sturdy construct, but nonetheless beneath the API forecast of 13.4 million barrels from Tuesday,” Hvalbye mentioned within the report.
“Inventories now stay … [around] three p.c beneath the five-year seasonal avg. i.e., inventories are rising, however we aren’t swimming in crude simply but,” he added.
“Gasoline shares elevated by 1.2 million barrels and now sit about 4 p.c above the five-year common. Distillates moved the opposite manner, falling 2.7 million barrels and remaining round 4 p.c beneath seasonal norms,” he continued.
“Complete business petroleum inventories fell 1.7 million barrels within the week, as product attracts partly offset the crude construct,” he famous.
Hvalbye went on to highlighted within the report that refinery runs “edged barely decrease to 16.0 million barrels per day, with utilization at 89.4 p.c.
“Crude imports rebounded by 0.6 million barrels per day to six.8 million barrels per day, doubtless contributing to the crude construct. Over the previous 4 weeks, imports stay about 5 p.c beneath final yr,” he mentioned.
Hvalbye went on to state that demand alerts have been blended.
“Complete merchandise provided averaged 20.8 million barrels per day over the past 4 weeks, up 2.4 p.c YoY,” he mentioned.
“Gasoline demand was barely softer (-0.7 p.c YoY), distillates weaker (-3.2 p.c YoY), whereas jet gas stays beneath stress (-2.3 p.c YoY),” he added.
To contact the writer, e-mail andreas.exarheas@rigzone.com
