EIA Reports USA Crude Oil Stock Increase on Valentine’s Day

by Andreas Exarheas
click here to read the original article at Rigzone.com
*this article was not written by Roseland Oil & Gas

In its latest weekly petroleum status report, which was released on Valentine’s Day, the U.S. Energy Information Administration (EIA) revealed that U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve (SPR), increased by 12.0 million barrels from the week ending February 2 to the week ending February 9.

Crude oil stocks in the U.S., not including the SPR, stood at 439.5 million barrels on February 9, 427.4 million barrels on February 2, and 471.4 million barrels on February 10, 2023, the report showed. Crude oil in the SPR totaled 358.8 million barrels on February 9, 358.0 million barrels on February 2, and 371.6 million barrels on February 10, 2023, the report revealed.

Total petroleum stocks in the U.S. – including crude oil, total motor gasoline, fuel ethanol, kerosene type jet fuel, distillate fuel oil, residual fuel oil, propane/propylene, and other oils – stood at 1.591 billion barrels on February 9, the report outlined. This figure was up 5.9 million barrels week on week and down 38.7 million barrels year on year, the report highlighted.

“At 439.5 million barrels, U.S. crude oil inventories are about two percent below the five year average for this time of year,” the EIA noted in its latest report.

“Total motor gasoline inventories decreased by 3.7 million barrels from last week and are about two percent below the five year average for this time of year. Finished gasoline inventories increased, while blending components inventories decreased last week,” it added.

“Distillate fuel inventories decreased by 1.9 million barrels last week and are about seven percent below the five year average for this time of year. Propane/propylene inventories decreased by 3.7 million barrels from last week and are one percent above the five year average for this time of year,” it continued.

The EIA revealed in the report that U.S. crude oil refinery inputs averaged 14.5 million barrels per day during the week ending February 9, which it said was 297,000 barrels per day less than the previous week’s average.

“Refineries operated at 80.6 percent of their operable capacity last week,” the EIA said in the report.

“Gasoline production increased last week, averaging 9.2 million barrels per day. Distillate fuel production decreased last week, averaging 4.1 million barrels per day,” it added.

According to the EIA report, U.S. crude oil imports averaged 6.5 million barrels per day last week, which the organization outlined was a decrease of 437,000 barrels per day from the previous week.

“Over the past four weeks, crude oil imports averaged about 6.1 million barrels per day, 7.2 percent less than the same four-week period last year,” the EIA said in the report.

“Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 436,000 barrels per day, and distillate fuel imports averaged 135,000 barrels per day,” it added.

Total products supplied over the last four-week period averaged 19.8 million barrels a day, the EIA revealed in the report, highlighting that this was down by 0.3 percent from the same period last year.

“Over the past four weeks, motor gasoline product supplied averaged 8.3 million barrels a day, down by 1.0 percent from the same period last year,” the EIA said in its report.

“Distillate fuel product supplied averaged 3.7 million barrels a day over the past four weeks, down by 2.3 percent from the same period last year. Jet fuel product supplied was up 1.5 percent compared with the same four-week period last year,” it added.

In a report sent to Rigzone prior to the release of the EIA’s latest weekly petroleum status report, Macquarie strategists said they were forecasting that U.S. crude inventories would be up by 13.9 million barrels for the week ending February 9.

“This compares to a 5.5 million barrel build for the week ending February 2, with the total U.S. crude balance realizing modestly looser than we had anticipated,” the strategists said in the report.

“Moving to this week, from refineries, we model a moderate reduction in crude runs (-0.4 million barrels per day). Among net imports, we anticipate a nominal week on week decrease, with exports up slightly on a nominal basis (+0.1 million barrels per day) and imports lower (-0.5 million barrels per day),” they added.

“Timing of cargoes could inject additional volatility into this week’s crude balance. From implied domestic supply (prod.+adj. +transfers), we look for a large nominal increase (+1.4 million barrels), as we believe last week’s very low print may reflect undercounted exports,” they continued.

“Rounding out the picture, we anticipate a slightly larger increase in SPR inventory (+0.8 million barrels) on the week,” the strategists went on to state.

by Andreas Exarheas
click here to read the original article at Rigzone.com
*this article was not written by Roseland Oil & Gas