USA Crude Oil Inventories Rise 3.7MM Barrels WoW

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 3.7 million barrels from the week ending May 31 to the week ending June 7, according to the U.S. Energy Information Administration’s (EIA) latest weekly petroleum status report.

The country’s crude oil stocks, not including the SPR, stood at 459.7 million barrels on June 7, 455.9 million barrels on May 31, and 467.1 million barrels on June 9, 2023, the report showed. Crude oil in the SPR stood at 370.5 million barrels on June 7, 370.2 million barrels on May 31, and 351.7 million barrels on June 9, 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 1.658 billion barrels on June 7, the report highlighted. This figure was up 11.8 million barrels week on week and up 39.1 million barrels year on year, the report showed.

“At 459.7 million barrels, U.S. crude oil inventories are about four percent below the five year average for this time of year,” the EIA said in its latest weekly petroleum status report, which was released late Wednesday.

“Total motor gasoline inventories increased by 2.6 million barrels from last week and are slightly below the five year average for this time of year. Both finished gasoline and blending components inventories increased last week,” it added.

“Distillate fuel inventories increased by 0.9 million barrels last week and are about seven percent below the five year average for this time of year. Propane/propylene inventories increased by 1.0 million barrels from last week and are 11 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 17.0 million barrels per day during the week ending June 7, which it pointed out was 98,000 barrels per day less than the previous week’s average.

“Refineries operated at 95.0 percent of their operable capacity last week,” the EIA said in the report.

“Gasoline production increased last week, averaging 10.1 million barrels per day. Distillate fuel production decreased last week, averaging 5.0 million barrels per day,” it added.

U.S. crude oil imports averaged 8.3 million barrels per day last week, according to the report, which highlighted that this figure increased by 1.2 million barrels per day from the previous week.

“Over the past four weeks, crude oil imports averaged about 7.2 million barrels per day, 11.4 percent more than the same four-week period last year,” the EIA noted in its report.

“Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 912,000 barrels per day, and distillate fuel imports averaged 91,000 barrels per day,” it added.

Total products supplied over the last four-week period averaged 19.8 million barrels a day, down by 0.8 percent from the same period last year, the EIA stated in its latest report.

“Over the past four weeks, motor gasoline product supplied averaged 9.1 million barrels a day, down by 1.3 percent from the same period last year,” it added.

“Distillate fuel product supplied averaged 3.7 million barrels a day over the past four weeks, down by 3.5 percent from the same period last year. Jet fuel product supplied was up 11 percent compared with the same four-week period last year,” it continued.

In a report sent to Rigzone by the Macquarie team 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 up 2.2 million barrels for the week ending June 7. They also revealed in the report that they were modelling “a smaller increase in Strategic Petroleum Reserve inventory (+0.7 million barrels) on the week”.

The EIA’s next weekly petroleum status report is scheduled to be released on June 20. It will show data for the week ending June 14.

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