USA Crude Stocks Drop 2.2MM Barrels

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 2.2 million barrels from the week ending September 15 to the week ending September 22, 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 416.3 million barrels on September 22, 418.5 million barrels on September 15, and 430.6 million barrels on September 23, 2022, the report revealed.

Total crude oil in the SPR was 351.0 million barrels on September 22, 351.2 million barrels on September 15, and 422.6 million barrels on September 23, 2022, the report highlighted.

“At 416.3 million barrels, U.S. crude oil inventories are about four percent below the five year average for this time of year,” the EIA noted in the report.

Total motor gasoline inventories increased by 1.0 million barrels last week and are about two percent below the five year average for this time of year, the report outlined.

“Finished gasoline inventories decreased, while blending components inventories increased last week,” the report stated.

“Distillate fuel inventories increased by 0.4 million barrels last week and are about 13 percent below the five year average for this time of year. Propane/propylene inventories increased 0.7 million barrels from last week and are 19 percent above the five year average for this time of year,” the report added.

“Total commercial petroleum inventories decreased by 1.5 million barrels last week,” the report continued.

U.S. crude oil refinery inputs averaged 16.1 million barrels per day during the week ending September 22, which was 239,000 barrels per day less than the previous week’s average, the report noted.

“Refineries operated at 89.5 percent of their operable capacity last week,” the report said.

“Gasoline production decreased last week, averaging 9.1 million barrels per day. Distillate fuel production increased last week, averaging 4.9 million barrels per day,” it added.

U.S. crude oil imports were said to have averaged 7.2 million barrels per day last week, which the EIA report pointed out was a 711,000 barrel per day increase from the previous week.

“Over the past four weeks, crude oil imports averaged about 7.0 million barrels per day, 8.2 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 710,000 barrels per day, and distillate fuel imports averaged 114,000 barrels per day,” it added.

Total products supplied over the last four-week period averaged 20.6 million barrels a day, according to the report, which noted that this was up by 4.2 percent from the same period last year.

“Over the past four weeks, motor gasoline product supplied averaged 8.7 million barrels a day, up by 0.8 percent from the same period last year,” the report said.

“Distillate fuel product supplied averaged 3.9 million barrels a day over the past four weeks, up by 8.6 percent from the same period last year. Jet fuel product supplied was up 9.9 percent compared with the same four-week period last year,” it added.

The price for West Texas Intermediate crude oil was $90.00 per barrel on September 22, $0.83 less than the previous week’s price, but $10.93 more than the price a year ago, the EIA highlighted in the report. At the time of writing, the price of WTI crude oil is trading at $93.82 per barrel.

The national average retail price for regular gasoline was $3.837 per gallon on September 25, $0.041 less than last week, but $0.126 higher than the price one year ago, the report stated, adding that the national average retail price for diesel fuel fell to $4.586 per gallon, $0.047 less than a week ago, and $0.303 less than the price last year.

As of September 28, the average price of regular gasoline in the U.S. is $3.835 per gallon, while the average price of diesel in the country is $4.567 per gallon, according to the AAA Gas Prices website.

In a report sent to Rigzone late Monday, prior to the release of the EIA’s latest weekly petroleum status report, strategists at Macquarie revealed that they were forecasting that U.S. crude inventories dropped 6.5 million barrels for the week ending September 22.

“This follows a 2.1 million barrel draw for the week ending September 15, with the total U.S. crude balance again realizing modestly tighter than we had anticipated,” the strategists said in the report.

In that report, the strategists also anticipated a “small increase in Strategic Petroleum Reserve inventory on the week (+0.3 million barrels)”.

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