USA Crude Oil Stocks 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 3.6 million barrels from the week ending November 3 to the week ending November 10, according to the U.S. Energy Information Administration’s (EIA) latest weekly petroleum status report.

Crude oil stocks in the country, not including the SPR, stood at 439.4 million barrels on November 10, 435.8 million barrels on November 3, and 435.4 million barrels on November 11, 2022, the report showed. Crude oil in the SPR stood at 351.3 million barrels on November 10 and November 3, and at 392.1 million barrels on November 11 last year, 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 – was 1.614 billion barrels on November 10, the report revealed. This figure was down 0.1 million barrels week on week and up 6.1 million barrels year on year, the report showed.

“At 439.4 million barrels, U.S. crude oil inventories are about two percent below the five year average for this time of year,” the EIA noted in the report.

“Total motor gasoline inventories decreased by 1.5 million barrels from last week and are about one percent below the five year average for this time of year. Both finished gasoline and blending components inventories decreased last week,” it added.

“Distillate fuel inventories decreased by 1.4 million barrels last week and are about 13 percent below the five year average for this time of year. Propane/propylene inventories increased by 1.3 million barrels from last week and are 17 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 15.4 million barrels per day during the week ending November 10, which the organization highlighted was 164,000 barrels per day more than the previous week’s average.

“Refineries operated at 86.1 percent of their operable capacity last week,” the EIA said in the report.

“Gasoline production decreased last week, averaging 9.4 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 6.4 million barrels per day last week, according to the report, which outlined that this figure decreased by 21,000 barrels per day from the previous week.

“Over the past four weeks, crude oil imports averaged about 6.3 million barrels per day, 3.3 percent more than the same four-week period last year,” the EIA stated in the report.

“Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 514,000 barrels per day, and distillate fuel imports averaged 152,000 barrels per day,” it added.

Total products supplied over the last four-week period averaged 20.4 million barrels a day, the report noted. That was down by two percent from the same period last year, the report highlighted.

“Over the past four weeks, motor gasoline product supplied averaged 9.0 million barrels a day, up by 1.9 percent from the same period last year,” the EIA said in the report.

“Distillate fuel product supplied averaged 4.0 million barrels a day over the past four weeks, slightly below the same period last year,” it added.

“Jet fuel product supplied was up 14.0 percent compared with the same four-week period last year,” it continued.

In a report sent to Rigzone 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 0.1 million barrels for the week ending November 10.

“For the week ending November 3, we previously forecast U.S. crude inventories up 4.7 million barrels, with distillate (-4.0 million barrels) and gasoline (-1.4 million barrels) stocks lower, and a build in jet (+0.5 million barrels),” the strategists noted in the report.

“Within the crude balance, for the week ending Nov. 10, we again look for subdued refinery activity, with crude runs registering ~15.4 million barrels per day. We model ~4.2 million barrels per day of exports and ~5.7 million barrels per day of imports for the week ending Nov. 10,” they added.

“From implied domestic supply (prod. + adj.), we look for a stout ~13.9 million barrels per day. Rounding out the picture, we again anticipate no change in SPR inventory,” they continued.

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