U.S. industrial crude oil inventories, excluding these within the Strategic Petroleum Reserve (SPR), elevated by 3.5 million barrels from the week ending October 3 to the week ending October 10, the U.S. Vitality Info Administration (EIA) highlighted in its newest weekly petroleum standing report.
That report was launched on October 16 and included knowledge for the week ending October 10. It confirmed that crude oil shares, not together with the SPR, stood at 423.8 million barrels on October 10, 420.3 million barrels on October 3, and 420.6 million barrels on October 11, 2024. Crude oil within the SPR stood at 407.7 million barrels on October 10, 407.0 million barrels on October 3, and 383.9 million barrels on October 11, 2024, the report revealed.
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 1.696 billion barrels on October 10, the report highlighted. Complete petroleum shares have been up 2.4 million barrels week on week and up 60.7 million barrels yr on yr, the report confirmed.
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“At 423.8 million barrels, U.S. crude oil inventories are about 4 p.c beneath the 5 yr common for this time of yr,” the EIA stated in its weekly petroleum standing report.
“Complete motor gasoline inventories decreased by 0.3 million barrels from final week and are barely beneath the 5 yr common for this time of yr. Each completed gasoline and mixing parts inventories decreased final week,” it added.
“Distillate gasoline inventories decreased by 4.5 million barrels final week and are about seven p.c beneath the 5 yr common for this time of yr. Propane/propylene inventories elevated by 1.9 million barrels from final week and are 11 p.c above the 5 yr common for this time of yr,” it continued.
U.S. crude oil refinery inputs averaged 15.1 million barrels per day in the course of the week ending October 10, in response to the report, which highlighted that this was 1.2 million barrels per day lower than the earlier week’s common.
“Refineries operated at 85.7 p.c of their operable capability final week,” the EIA added.
“Gasoline manufacturing decreased final week, averaging 9.4 million barrels per day. Distillate gasoline manufacturing decreased by 577,000 barrels per day final week, averaging 4.6 million barrels per day,” it stated.
U.S. crude oil imports averaged 5.5 million barrels per day final week, the EIA famous in its report. It identified that this was a lower of 878,000 barrels per day from the earlier week.
“Over the previous 4 weeks, crude oil imports averaged about 6.1 million barrels per day, 2.4 p.c lower than the identical four-week interval final yr,” the EIA famous within the report.
“Complete motor gasoline imports (together with each completed gasoline and gasoline mixing parts) final week averaged 532,000 barrels per day, and distillate gasoline imports averaged 160,000 barrels per day,” it added.
Complete merchandise provided during the last four-week interval averaged 20.7 million barrels a day, down by 0.5 p.c from the identical interval final yr, the EIA acknowledged in its report.
“Over the previous 4 weeks, motor gasoline product provided averaged 8.7 million barrels a day, down by 3.2 p.c from the identical because the final yr interval,” the EIA stated.
“Distillate gasoline product provided averaged 4.0 million barrels a day over the previous 4 weeks, up by 0.2 p.c from the identical interval final yr. Jet gasoline product provided was down 4.8 p.c in contrast with the identical four-week interval final yr,” it added.
In a Skandinaviska Enskilda Banken AB (SEB) report despatched to Rigzone by the SEB crew late Thursday, Ole R. Hvalbye, Commodities Analyst on the firm, highlighted that the EIA’s newest weekly petroleum standing report “confirmed a 3.5 million barrels rise in industrial crude inventories final week, taking whole inventories to 423.8 million, nonetheless round 4 p.c beneath the five-year common for this time of yr”.
“Gasoline shares slipped by 0.3 million barrels, whereas distillates drew sharply by 4.5 million barrels and stay about seven p.c beneath seasonal norms. Propane inventories rose by 1.9 million barrels and now stand 11 p.c above their five-year common, underlining ample provide heading into winter,” he added.
“In whole, industrial petroleum inventories (excluding SPR) elevated by 1.7 million barrels on the week. The construct was not as giant stock construct as API [American Petroleum Institute] indicated … [Wednesday] night time, however nonetheless up in whole (together with SPR) 2.4 million barrels vs regular decline of about 2.4 million barrels this time of yr,” he continued.
In an oil and fuel report despatched to Rigzone late Monday by the Macquarie crew, Macquarie strategists, together with Walt Chancellor, revealed that they have been forecasting that U.S. crude inventories can be up by 5.2 million barrels for the week ending October 10.
To contact the creator, e mail andreas.exarheas@rigzone.com
