USA Commercial Crude Oil Inventories Rise

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), increased by 2.7 million barrels from the week ending April 5 to the week ending April 12, 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 460.0 million barrels on April 12, 457.3 million barrels on April 5, and 466.0 million barrels on April 14, 2023, the report showed. Crude oil stocks in the SPR stood at 364.9 million barrels on April 12, 364.2 million barrels on April 5, and 368.0 million barrels on April 14, 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 1.602 billion barrels on April 12, the report highlighted. This figure was up 10.7 million barrels week on week and up 0.2 million barrels year on year, according to the report.

“At 460.0 million barrels, U.S. crude oil inventories are about one percent below the five year average for this time of year,” the EIA said in the report.

“Total motor gasoline inventories decreased by 1.2 million barrels from last week and are about four 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 2.8 million barrels last week and are about seven percent below the five year average for this time of year. Propane/propylene inventories increased by 4.0 million barrels from last week and are 16 percent above the five year average for this time of year,” it continued.

In the report, the EIA noted that  U.S. crude oil refinery inputs averaged 15.9 million barrels per day during the week ending April 12. The EIA highlighted that this was 131,000 barrels per day more than the previous week’s average.

“Refineries operated at 88.1 percent of their operable capacity last week,” it said in the report.

“Gasoline production decreased last week, averaging 9.4 million barrels per day. Distillate fuel production decreased last week, averaging 4.6 million barrels per day,” it added.

U.S. crude oil imports averaged 6.5 million barrels per day last week, according to the EIA, which pointed out in the report that this was an increase of 27,000 barrels per day from the previous week.

“Over the past four weeks, crude oil imports averaged about 6.6 million barrels per day, 5.0 percent more than the same four-week period last year,” the EIA said.

“Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 709,000 barrels per day, and distillate fuel imports averaged 149,000 barrels per day,” it added.

Total products supplied over the last four-week period averaged 19.8 million barrels a day, the EIA stated in the report. It highlighted that this was down by 0.2 percent from the same period last year.

“Over the past four weeks, motor gasoline product supplied averaged 8.8 million barrels a day, down by 1.9 percent from the same period last year,” the EIA noted in the report.

“Distillate fuel product supplied averaged 3.5 million barrels a day over the past four weeks, down by 8.4 percent from the same period last year. Jet fuel product supplied was up 0.8 percent compared with the same four-week period last year,” it added.

In a report sent to Rigzone on Monday, 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 up by 9.0 million barrels for the week ending April 12.

“This compares to a 5.8 million barrel build for the week ending April 5, with the total U.S. crude balance once again realizing looser than we had anticipated, following a prolonged stretch of tighter than expected weekly balance,” the strategists stated in the report.

“For this week, from refineries, we model crude runs down modestly (-0.2 million barrels per day). Among net imports, we anticipate a large nominal decrease, with exports sharply higher on a nominal basis (+1.0 million barrels per day) and imports also up (+0.2 million barrels per day),” they added.

“Timing of cargoes remains a source of potential volatility in this week’s crude balance. From implied domestic supply (prod.+adj.+transfers), we look for a bounce-back (+1.0 million barrels per day) following a particularly soft nominal print last week,” they continued.

“Rounding out the picture, we anticipate a slightly larger increase in SPR inventory (+0.7 million barrels) on the week,” the strategists went on to note.

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