USA Crude Oil Stocks Rise 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 3.2 million barrels from the week ending March 22 to the week ending March 29, according to the U.S. Energy Information Administration’s (EIA) latest weekly petroleum status report.

U.S. crude oil stocks, not including the SPR, stood at 451.4 million barrels on March 29, 448.2 million barrels on March 22, and 470.0 million barrels on March 31, 2023, the report revealed. Crude oil in the SPR stood at 363.6 million barrels on March 29, 363.1 million barrels on March 22, and 371.2 million barrels on March 31, 2023, the report showed.

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 1.578 billion barrels on March 29, the report highlighted. This figure was down 1.6 million barrels week on week and down 18.7 million barrels year on year, the report revealed.

“At 451.4 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 its latest weekly petroleum status report.

“Total motor gasoline inventories decreased by 4.3 million barrels from last week and are about three 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 1.3 million barrels last week and are about seven percent below the five year average for this time of year. Propane/propylene inventories decreased by 0.4 million barrels from last week and are 10 percent above the five year average for this time of year,” it continued.

In the report, the EIA said U.S. crude oil refinery inputs averaged 15.9 million barrels per day during the week ending March 29. It highlighted that this was 35,000 barrels per day less than the previous week’s average.

“Refineries operated at 88.6 percent of their operable capacity last week. Gasoline production increased last week, averaging 10.0 million barrels per day. Distillate fuel production decreased last week, averaging 4.6 million barrels per day,” the EIA stated in the report.

U.S. crude oil imports averaged 6.6 million barrels per day last week, according to the EIA, which outlined that this was a decrease of 85,000 barrels per day from the previous week.

“Over the past four weeks, crude oil imports averaged about 6.3 million barrels per day, 0.9 percent more than the same four-week period last year,” it added.

“Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 488,000 barrels per day, and distillate fuel imports averaged 104,000 barrels per day,” it continued.

Total products supplied over the last four-week period averaged 20.3 million barrels a day, according to the report, which highlighted that this was up by 1.4 percent from the same period last year.

“Over the past four weeks, motor gasoline product supplied averaged 9.0 million barrels a day, down by 0.5 percent from the same period last year,” the EIA said in the report.

“Distillate fuel product supplied averaged 3.7 million barrels a day over the past four weeks, down by 6.3 percent from the same period last year. Jet fuel product supplied was up 1.2 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 0.9 million barrels for the week ending March 29.

“This compares to a 3.2 million barrel build for the week ending March 22, with the total U.S. crude balance again realizing much looser than we had anticipated, following a prolonged stretch of tighter than expected weekly balances,” the strategists noted in the report.

“Apparently resurgent implied domestic supply has been notable in the prior two weeks’ U.S. crude balances,” they added.

“For this week, from refineries, we model a slight increase in crude runs (+0.1 million barrels per day). Among net imports, we anticipate a moderate nominal decrease, with exports effectively flat on a nominal basis and imports down (-0.5 million barrels per day),” they continued.

The strategists warned in the report that 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 slight decrease (-0.1 million barrels per day), following another strong print last week,” they said.

“Rounding out the picture, we anticipate a slightly smaller increase in SPR inventory (roughly +0.6 million barrels) on the week,” they added.

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