USA Crude Oil Stocks Increase

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 4.2 million barrels from the week ending February 16 to the week ending February 23, the U.S. Energy Information Administration (EIA) revealed in its latest weekly petroleum status report.

Crude oil stocks in the U.S., not including the SPR, stood at 447.2 million barrels on February 23, 443.0 million barrels on February 16, and 480.2 million barrels on February 24, 2023, the report showed. Crude oil in the SPR came in at 360.3 million barrels on February 23, 359.5 million barrels on February 16, and 371.6 million barrels on February 24, 2023, according to the report.

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 1.588 billion barrels on February 23, the report outlined. This figure was down 2.4 million barrels week on week and down 41.5 million barrels year on year, the report revealed.

“At 447.2 million barrels, U.S. crude oil inventories are about one percent below the five year average for this time of year,” the EIA noted in its latest report.

“Total motor gasoline inventories decreased by 2.8 million barrels from last week and are about two 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 0.5 million barrels last week and are about eight percent below the five year average for this time of year. Propane/propylene inventories decreased by 3.4 million barrels from last week and are one percent above the five year average for this time of year,” it continued.

U.S. crude oil refinery inputs averaged 14.7 million barrels per day during the week ending February 23, the EIA stated in its report, highlighting that this was 100,000 barrels per day more than the previous week’s average.

“Refineries operated at 81.5 percent of their operable capacity last week,” the EIA said in the report.

“Gasoline production increased last week, averaging 9.4 million barrels per day. Distillate fuel production increased last week, averaging 4.3 million barrels per day,” it added.

U.S. crude oil imports averaged 6.4 million barrels per day last week, according to the EIA’s report. This marked a 269,000 barrel per day decrease from the previous week, the report pointed out.

“Over the past four weeks, crude oil imports averaged about 6.6 million barrels per day, 2.3 percent 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 384,000 barrels per day, and distillate fuel imports averaged 112,000 barrels per day,” it added.

Total products supplied over the last four-week period averaged 19.5 million barrels a day, down by 3.2 percent from the same period last year, the EIA stated in the report.

“Over the past four weeks, motor gasoline product supplied averaged 8.4 million barrels a day, down by 3.1 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 3.0 percent from the same period last year. Jet fuel product supplied was up 2.9 percent compared with the same four-week period last year,” it continued.

In its latest report, the EIA also highlighted that the price for West Texas Intermediate (WTI) crude oil was $77.60 per barrel on February 23, noting that this figure was $2.05 lower than a week ago, and $1.41 more than a year ago.

The national average retail price for regular gasoline declined to $3.249 per gallon on February 26, $0.02 below last week’s price, and $0.093 less than the year-ago price, the EIA said in the report.

In an oil and gas report sent to Rigzone late Monday, Macquarie strategists revealed that they were forecasting that U.S. crude inventories would be up by 5.6 million barrels for the week ending February 23. The strategists highlighted in that report that they anticipated a 0.8 million barrel SPR inventory increase week on week.

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