USA Commercial Crude Oil Stocks Down Over 7MM Barrels WoW
by Andreas Exarheas | Rigzone Staff
click here to read this 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 7.2 million barrels from the week ending May 29 to the week ending June 5.
That’s what the U.S. Energy Information Administration (EIA) highlighted in its latest weekly petroleum status report, which was released on June 10 and included data for the week ending June 5.
This EIA report showed that crude oil stocks, not including the SPR, stood at 426.5 million barrels on June 5, 433.7 million barrels on May 29, and 432.4 million barrels on June 6, 2025. Crude oil in the SPR stood at 349.2 million barrels on June 5, 357.1 million barrels on May 29, and 402.1 million barrels on June 6, 2025, the report revealed.
Total petroleum stocks – 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 1.559 billion barrels on June 5, the EIA report revealed. Total petroleum stocks were down 13.5 million barrels week on week and down 83.6 million barrels year on year, the report pointed out.
“At 426.5 million barrels, U.S. crude oil inventories are about five percent below the five-year average for this time of year,” the EIA said in its latest weekly petroleum status report.
Crude oil stocks, not including the SPR, stood at 426.5 million barrels on June 5, the EIA’s latest weekly petroleum status report showed.
“Total motor gasoline inventories increased by 0.2 million barrels from last week and are six percent below the five-year average for this time of year. Finished gasoline inventories increased, while blending component inventories decreased last week,” it added.
“Distillate fuel inventories decreased by 0.2 million barrels last week and are about 13 percent below the five-year average for this time of year. Propane/propylene inventories increased by 1.1 million barrels from last week and are 35 percent above the five-year average for this time of year,” it continued.
U.S. crude oil refinery inputs averaged 17.0 million barrels per day during the week ending June 5, according to the report, which outlined that this was 80,000 barrels per day more than the previous week’s average.
“Refineries operated at 95.3 percent of their operable capacity last week,” the EIA said in the report.
“Gasoline production increased last week, averaging 9.7 million barrels per day. Distillate fuel production increased, averaging 5.2 million barrels per day,” it added.
U.S. crude oil imports averaged 5.9 million barrels per day last week, the report noted. It highlighted that this was a decrease of 0.5 million barrels per day from the previous week.
“Over the past four weeks, crude oil imports averaged about 5.9 million barrels per day, 5.8 percent less than the same four-week period last year,” the EIA said in its report.
“Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 714,000 barrels per day, and distillate fuel imports averaged 130,000 barrels per day,” it added.
Total products supplied over the last four-week period averaged 20.6 million barrels per day, up by 3.5 percent from the same period last year, the EIA stated in the report.
“Over the past four weeks, motor gasoline product supplied averaged 8.8 million barrels per day, down by 0.5 percent from the same period last year,” the EIA noted.
“Distillate fuel product supplied averaged 3.7 million barrels per day over the past four weeks, up by 7.2 percent from the same period last year. Jet fuel product supplied was down 2.2 percent compared with the same four-week period last year,” it added.
In a Skandinaviska Enskilda Banken AB (SEB) report sent to Rigzone today, SEB Chief Commodities Analyst Bjarne Schieldrop highlighted that total U.S. crude oil stocks fell 15.2 million barrels last week, “of which 7.2 million barrels was a draw in U.S. commercial stocks and the rest in U.S. SPR”.
“The latter will soon be at its lowest level since 1985,” Schieldrop warned.
“One of the things which stands out in the U.S. data is that implied demand for oil products looks to be mostly unchanged from [the same time] last year … i.e. there is not much demand destruction in U.S. oil demand to be seen,” he added.
In an oil and gas report sent to Rigzone by the Macquarie team ahead of this week’s EIA weekly petroleum status report, Macquarie strategists revealed that they expected a U.S. crude draw this week.
In this report, the company’s strategists, including Walt Chancellor, outlined that they were forecasting that U.S. crude inventories would be down by 7.9 million barrels for the week ending June 5.
“This follows an 8.0 million barrel draw in the prior week, with the crude balance yet again realizing tighter than our expectations,” the strategists said in the report.
“Beyond normal variability in flow items, we continue to note persistently high crude exports and SPR releases could inject considerable volatility into weekly stats,” the strategists warned.
The Macquarie strategists also noted in the report that “demand destruction remains a key focus item”.
“While we see June/July as the window for potential gasoline demand destruction to realize in the U.S., despite last week’s soft print, we have yet to see firm signs here,” they pointed out.
The strategists went on to reveal in the report that, “within the crude balance”, for the week ending June 5, “from refineries”, they looked for “a slight increase in crude runs (+0.1 million barrels per day) following another solid print last week”.
“Among net imports, we model a modest reduction, with exports (-0.5 million barrels per day) and imports (-0.7 MBD) lower on a nominal basis,” they added.
The Macquarie strategists warned that the timing of cargoes remained a source of potential volatility in the weekly crude balance.
“From implied domestic supply (prod.+adj.+transfers), we look for an increase (+0.3 million barrels per day) on a nominal basis,” they highlighted.
“Rounding out the picture, we anticipate another large SPR draw (-7.9 million barrels) for the week ending 6/5,” they added.
“While we model SPR releases as immediately benefitting commercial stocks, the precise timing of these flows could also add noise to weekly balances,” they said.
In a statement posted on the U.S. Department of Energy’s (DOE) website on March 11, U.S. Secretary of Energy Chris Wright outlined that U.S. President Donald Trump had authorized the DOE to release 172 million barrels from the SPR as part of a coordinated release of 400 million barrels by the International Energy Agency.
Also in the Macquarie report, the strategists noted that, “among products”, they looked for “a gasoline draw (-1.1 million barrels), with a build in jet (+1.6 million barrels) and distillate nearly flat (+0.1 million barrels)”.
“We model implied demand for these three products at ~14.3 million barrels per day for the week ending 6/5,” the strategists said.
In its previous weekly petroleum status report, which was released on June 3 and included data for the week ending May 29, the EIA highlighted that U.S. commercial crude oil inventories, excluding those in the SPR, decreased by 8.0 million barrels from the week ending May 22 to the week ending May 29.
That EIA report showed that crude oil stocks, not including the SPR, stood at 433.7 million barrels on May 29, 441.7 million barrels on May 22, and 436.1 million barrels on May 30, 2025. Crude oil in the SPR stood at 357.1 million barrels on May 29, 365.1 million barrels on May 22, and 401.8 million barrels on May 30, 2025, this EIA report revealed.
The EIA’s previous weekly petroleum status report also showed that total petroleum stocks – 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 1.573 billion barrels on May 29. Total petroleum stocks were down 10.6 million barrels week on week and down 63.7 million barrels year on year, that report pointed out.
by Andreas Exarheas | Rigzone Staff
click here to read this article at Rigzone.com
*this article was not written by Roseland Oil & Gas