U.S. industrial crude oil inventories, excluding these within the Strategic Petroleum Reserve (SPR), elevated by 1.2 million barrels from the week ending Might 24 to the week ending Might 31, in accordance with the U.S. Vitality Data Administration’s (EIA) newest weekly petroleum standing report.
The nation’s crude oil shares, not together with the SPR, stood at 455.9 million barrels on Might 31, 454.7 million barrels on Might 24, and 459.2 million barrels on June 2, 2023, the report, which was launched on June 5, confirmed. Crude oil within the SPR stood at 370.2 million barrels on Might 31, 369.3 million barrels on Might 24, and 353.6 million barrels on June 2, 2023, the report revealed.
Whole petroleum shares within the U.S. – 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 1.646 billion barrels on Might 31, the report highlighted. This determine was up 14.4 million barrels week on week and up 37.5 million barrels yr on yr, the report confirmed.
“At 455.9 million barrels, U.S. crude oil inventories are about 4 % beneath the 5 yr common for this time of yr,” the EIA famous within the report.
“Whole motor gasoline inventories elevated by 2.1 million barrels from final week and are about one % beneath the 5 yr common for this time of yr. Completed gasoline inventories decreased, whereas mixing parts inventories elevated final week,” it added.
“Distillate gas inventories elevated by 3.2 million barrels final week and are about seven % beneath the 5 yr common for this time of yr. Propane/propylene inventories elevated by 2.5 million barrels from final week and are 14 % above the 5 yr common for this time of yr,” the EIA continued.
The EIA revealed within the report that U.S. crude oil refinery inputs averaged 17.1 million barrels per day through the week ending Might 31, which it identified was 61,000 barrels per day greater than the earlier week’s common.
“Refineries operated at 95.4 % of their operable capability final week,” the EIA acknowledged within the report.
“Gasoline manufacturing decreased final week, averaging 9.5 million barrels per day. Distillate gas manufacturing elevated final week, averaging 5.1 million barrels per day,” it added.
U.S. crude oil imports averaged 7.1 million barrels per day final week, in accordance with the EIA’s report, which revealed that this was a rise of 289,000 barrels per day from the earlier week.
“Over the previous 4 weeks, crude oil imports averaged about 6.8 million barrels per day, 3.5 % greater than the identical four-week interval final yr,” the EIA stated.
“Whole motor gasoline imports (together with each completed gasoline and gasoline mixing parts) final week averaged 699,000 barrels per day, and distillate gas imports averaged 142,000 barrels per day,” it added within the report.
Whole merchandise provided over the past four-week interval averaged 20.0 million barrels a day, up by 1.3 % from the identical interval final yr, the EIA famous 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,” it added.
“Distillate gas product provided averaged 3.7 million barrels a day over the previous 4 weeks, down by 3.4 % from the identical interval final yr. Jet gas product provided was up 13 % in contrast with the identical four-week interval final yr,” it continued.
The worth for West Texas Intermediate (WTI) crude oil was $78.96 per barrel on Might 30, 2024, $0.48 greater than per week in the past, and $7.20 greater than a yr in the past, the report acknowledged. On the time of writing, the WTI worth is buying and selling beneath $75 per barrel.
The report additionally acknowledged that the nationwide common retail worth for normal gasoline declined to $3.516 per gallon on June 3, 2024, “$0.061 beneath final week’s worth, and $0.025 lower than the year-ago worth”. The nationwide common common gasoline worth as of June 6 is $3.487 per gallon, in accordance with the AAA Fuel Costs web site. The week in the past common was $3.569 per gallon and the yr in the past common was $3.545 per gallon, the location confirmed.
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