USA Commercial Crude Oil Inventories Decrease

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

U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve (SPR), decreased by 9.2 million barrels from the week ending January 12 to the week ending January 19, according to the U.S. Energy Information Administration’s (EIA) latest weekly petroleum status report.

Crude oil stocks in the U.S., not including the SPR, stood at 420.7 million barrels on January 19, 429.9 million barrels on January 12, and 448.5 million barrels on January 20, 2023, according to the EIA report, which showed that crude oil in the SPR stood at 356.5 million barrels on January 19, 355.6 million barrels on January 12, and 371.6 million barrels on January 20, 2023.

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 1.597 billion barrels on January 19, the report outlined. This figure was down 21.4 million barrels week on week and down 8.0 million barrels year on year, the report showed.

“At 420.7 million barrels, U.S. crude oil inventories are about five percent below the five year average for this time of year,” the EIA noted in the report.

“Total motor gasoline inventories increased by 4.9 million barrels from last week and are about one percent above the five year average for this time of year. Finished gasoline inventories decreased, while blending components inventories increased last week,” it added.

“Distillate fuel inventories decreased by 1.4 million barrels last week and are about four percent below the five year average for this time of year. Propane/propylene inventories decreased by 8.4 million barrels from last week and are four percent above the five year average for this time of year,” the EIA continued.

The EIA revealed in the report that U.S. crude oil refinery inputs averaged 15.3 million barrels per day during the week ending January 19. The organization highlighted in the report that this was 1.4 million barrels per day less than the previous week’s average.

“Refineries operated at 85.5 percent of their operable capacity last week,” the EIA said in the report.

“Gasoline production decreased last week, averaging 8.3 million barrels per day. Distillate fuel production decreased last week, averaging 4.5 million barrels per day,” it added.

The EIA also noted in the report that U.S. crude oil imports averaged 5.6 million barrels per day last week. It pointed out that this figure decreased by 1.8 million barrels per day from the previous week.

“Over the past four weeks, crude oil imports averaged about 6.5 million barrels per day, 5.3 percent more than the same four-week period last year,” the EIA stated.

“Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 628,000 barrels per day, and distillate fuel imports averaged 201,000 barrels per day,” it added in the report.

Total products supplied over the last four-week period averaged 19.5 million barrels a day, the EIA revealed in the report. This was up by 3.3 percent from the same period last year, the EIA highlighted.

“Over the past four weeks, motor gasoline product supplied averaged 8.1 million barrels a day, up by 3.7 percent from the same period last year,” the EIA noted in the report.

“Distillate fuel product supplied averaged 3.4 million barrels a day over the past four weeks, down by 6.9 percent from the same period last year. Jet fuel product supplied was up 1.6 percent compared with the same four-week period last year,” it added.

In a separate report sent to Rigzone earlier this week, prior to the release of the EIA’s latest weekly petroleum status report, Macquarie strategists revealed that they were forecasting that U.S. crude inventories would be down 11.0 million barrels for the week ending January 19.

“This compares to a 2.5 million barrel draw for the week ending January 12, with the total U.S. crude balance realizing significantly tighter than we had anticipated,” the strategists added.

“For this week, from refineries, we look for a large reduction in crude runs (-1.2 million barrels per day). Among net imports, we model a healthy week on week decrease, with exports nominally lower (-0.7 million barrels per day) and imports sharply lower (-1.6 million barrels per day),” they continued.

The strategists warned in the report that timing of cargoes “could again inject significant volatility into this week’s crude balance”.

“From implied domestic supply (prod.+adj.+transfers), we look for a large nominal decline (-1.5 million barrels per day),” they added.

“Rounding out the picture, we anticipate a modestly larger increase in SPR inventory (+0.9 million barrels) on the week,” the strategists continued.

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