USA Crude Oil Stocks Drop More Than 6MM 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), decreased by 6.4 million barrels from the week ending April 12 to the week ending April 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 453.6 million barrels on April 19, 460.0 million barrels on April 12, and 460.9 million barrels on April 21, 2023, the report showed. Crude oil in the SPR stood at 365.7 million barrels on April 19, 364.9 million barrels on April 12, and 366.9 million barrels on April 21, 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 1.599 billion barrels on April 19, the report highlighted. This figure was down 3.0 million barrels week on week and up 1.4 million barrels year on year, according to the report.

“At 453.6 million barrels, U.S. crude oil inventories are about three percent below the five year average for this time of year,” the EIA said in its latest report.

“Total motor gasoline inventories decreased by 0.6 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 increased by 1.6 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 14 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 19, which it highlighted was 42,000 barrels per day less than the previous week’s average.

“Refineries operated at 88.5 percent of their operable capacity last week,” the EIA stated in the report.

“Gasoline production decreased last week, averaging 9.1 million barrels per day. Distillate fuel production increased last week, averaging 4.8 million barrels per day,” it added.

U.S. crude oil imports averaged 6.5 million barrels per day last week, according to the report, which outlined that this was an increase of 36,000 barrels per day from the previous week.

“Over the past four weeks, crude oil imports averaged about 6.5 million barrels per day, slightly more 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 780,000 barrels per day, and distillate fuel imports averaged 138,000 barrels per day,” it added.

Total products supplied over the last four-week period averaged 19.8 million barrels a day, according to the report, which revealed that this was up by 0.1 percent from the same period last year.

“Over the past four weeks, motor gasoline product supplied averaged 8.7 million barrels a day, down by 3.7 percent from the same period last year,” the EIA stated in the report.

“Distillate fuel product supplied averaged 3.4 million barrels a day over the past four weeks, down by 11.6 percent from the same period last year. Jet fuel product supplied was up 2.4 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 down by 1.1 million barrels for the week ending April 19.

“This compares to a 2.7 million barrel build for the week ending April 12, with the total U.S. crude balance realizing significantly tighter than we had anticipated, breaking a prolonged stretch of looser than expected weekly balances,” the strategists said in the report.

“Moving to this week, from refineries, we model crude runs down minimally, following a strong print last week. Among net imports, we anticipate a slight nominal increase, with exports slightly higher on a nominal basis (+0.2 million barrels per day) and imports up moderately (+0.3 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 large nominal decline (-0.7 million barrels per day) following a very strong nominal print last week,” they continued.

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