U.S. business crude oil inventories, excluding these within the Strategic Petroleum Reserve (SPR), decreased by 0.9 million barrels from the week ending December 6 to the week ending December 13, the U.S. Vitality Data Administration (EIA) highlighted in its newest weekly petroleum standing report.
The report, which was launched on December 18 and included knowledge for the week ending December 13, confirmed that crude oil shares, not together with the SPR, stood at 421.0 million barrels on December 13, 422.0 million barrels on December 6, and 443.7 million barrels on December 15, 2023. The EIA report highlighted that knowledge might not add as much as totals as a consequence of unbiased rounding.
Crude oil within the SPR stood at 393.1 million barrels on December 13, 392.5 million barrels on December 6, and 352.5 million barrels on December 15, 2023, in accordance with the report. Whole petroleum shares – together with crude oil, whole motor gasoline, gas ethanol, kerosene kind jet gas, distillate gas oil, residual gas oil, propane/propylene, and different oils – stood at 1.626 billion barrels on December 13, the report revealed. This determine was down 2.7 million barrels week on week and up 12.2 million barrels yr on yr, the report outlined.
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“At 421.0 million barrels, U.S. crude oil inventories are about six % beneath the 5 yr common for this time of yr,” the EIA stated in its newest weekly petroleum standing report.
“Whole motor gasoline inventories elevated by 2.3 million barrels from final week and are about three % beneath the 5 yr common for this time of yr. Completed gasoline inventories decreased whereas mixing parts inventories elevated final week,” it added.
“Distillate gas inventories decreased by 3.2 million barrels final week and are about seven % beneath the 5 yr common for this time of yr. Propane/propylene inventories decreased by 3.0 million barrels from final week and are seven % above the 5 yr common for this time of yr,” it continued.
The EIA famous within the report that U.S. crude oil refinery inputs averaged 16.6 million barrels per day throughout the week ending December 13. It identified that this was 48,000 barrels per day lower than the earlier week’s common.
“Refineries operated at 91.8 % of their operable capability final week. Gasoline manufacturing decreased final week, averaging 9.9 million barrels per day. Distillate gas manufacturing decreased final week, averaging 5.1 million barrels per day,” the EIA stated within the report.
U.S. crude oil imports averaged 6.6 million barrels per day final week, in accordance with the report, which highlighted that this was a rise of 665,000 barrels per day from the earlier week.
“Over the previous 4 weeks, crude oil imports averaged about 6.5 million barrels per day, 2.1 % lower than the identical four-week interval final yr,” the EIA said within the report.
“Whole motor gasoline imports (together with each completed gasoline and gasoline mixing parts) final week averaged 755,000 barrels per day, and distillate gas imports averaged 164,000 barrels per day,” it added.
Whole merchandise equipped during the last four-week interval averaged 20.4 million barrels a day, up by 1.3 % from the identical interval final yr, the EIA stated within the report.
“Over the previous 4 weeks, motor gasoline product equipped averaged 8.7 million barrels a day, up by 2.1 % from the identical interval final yr,” it highlighted.
“Distillate gas product equipped averaged 3.8 million barrels a day over the previous 4 weeks, up by 4.8 % from the identical interval final yr. Jet gas product equipped was up 11.6 % in contrast with the identical four-week interval final yr,” it went on to state.
In a Skandinaviska Enskilda Banken AB (SEB) report despatched to Rigzone on Friday by Ole R. Hvalbye, a commodities analyst on the firm, Hvalbye highlighted that “crude costs briefly rose following experiences of continued declines in U.S. business crude oil inventories (excl. SPR), which fell by 0.9 million barrels final week to 421.0 million barrels”.
“This stage is roughly six % beneath the five-year common for this time of yr, highlighting persistently tight market circumstances,” he added within the report.
“Regardless of the continued drawdowns in U.S. crude and product inventories, world oil costs have remained range-bound since mid-October,” Hvalbye went on to state.
The SEB analyst famous within the report that market contributors are balancing a muted outlook for Chinese language demand and rising manufacturing from non-OPEC+ sources towards elevated geopolitical dangers.
To contact the writer, e-mail andreas.exarheas@rigzone.com
