U.S. business crude oil inventories, excluding these within the Strategic Petroleum Reserve (SPR), elevated by 4.6 million barrels from the week ending February 7 to the week ending February 14, the U.S. Vitality Data Administration (EIA) highlighted in its newest weekly petroleum standing report.
The EIA’s report, which was launched on February 20 and included information for the week ending February 14, confirmed that crude oil shares, not together with the SPR, stood at 432.5 million barrels on February 14, 427.9 million barrels on February 7, and 443.0 million barrels on February 16, 2024. Crude oil within the SPR stood at 395.3 million barrels on February 14 and February 7, and 359.5 million barrels on February 16, 2024, the report outlined.
Whole petroleum shares – together with crude oil, whole motor gasoline, gas ethanol, kerosene sort jet gas, distillate gas oil, residual gas oil, propane/propylene, and different oils – stood at 1.607 billion barrels on February 14, the report confirmed. Whole petroleum shares have been up 0.2 million barrels week on week and up 16.4 million barrels yr on yr, the report outlined.
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“At 432.5 million barrels, U.S. crude oil inventories are about three p.c beneath the 5 yr common for this time of yr,” the EIA mentioned in its report.
“Whole motor gasoline inventories decreased by 0.2 million barrels from final week and are one p.c beneath the 5 yr common for this time of yr. Completed gasoline inventories elevated, whereas mixing parts inventories decreased final week,” it added.
“Distillate gas inventories decreased by 2.1 million barrels final week and are about 12 p.c beneath the 5 yr common for this time of yr. Propane/propylene inventories decreased by 3.6 million barrels from final week and are barely beneath the 5 yr common for this time of yr,” the EIA continued.
U.S. crude oil refinery inputs averaged 15.4 million barrels per day in the course of the week ending February 14, the EIA famous within the report, highlighting that this was 15,000 barrels per day lower than the earlier week’s common.
“Refineries operated at 84.9 p.c of their operable capability final week,” the EIA mentioned within the report.
“Gasoline manufacturing decreased final week, averaging 9.2 million barrels per day. Distillate gas manufacturing elevated final week, averaging 4.7 million barrels per day,” it added.
U.S. crude oil imports averaged 5.8 million barrels per day final week, based on the report. This was a lower of 488,000 barrels per day from the earlier week, the EIA identified.
“Over the previous 4 weeks, crude oil imports averaged about 6.4 million barrels per day, 0.6 p.c lower than the identical four-week interval final yr,” the EIA mentioned within the report.
“Whole motor gasoline imports (together with each completed gasoline and gasoline mixing parts) final week averaged 346,000 barrels per day, and distillate gas imports averaged 267,000 barrels per day,” it added.
Whole merchandise provided during the last four-week interval averaged 20.4 million barrels a day, up by 3.7 p.c from the identical interval final yr, the EIA said within the report.
“Over the previous 4 weeks, motor gasoline product provided averaged 8.4 million barrels a day, up by 0.4 p.c from the identical interval final yr,” the EIA added.
“Distillate gas product provided averaged 4.3 million barrels a day over the previous 4 weeks, up by 14.2 p.c from the identical interval final yr. Jet gas product provided was up 4.3 p.c in contrast with the identical four-week interval final yr,” the EIA continued.
In an oil and fuel report despatched to Rigzone by the Macquarie workforce early Friday, Macquarie strategists famous that “the EIA reported builds in business crude (+4.6 million barrels) and at Cushing (+1.5 million barrels), with constructive product stats (gasoline -0.2 million barrels, distillate -2.1 million barrels, jet +0.7 million barrels)”.
“All instructed, the discharge was barely bullish relative to our expectations, with looser crude and tighter product balances,” the strategists added.
The Macquarie strategists said within the report that, throughout the crude steadiness, runs realized barely above their expectation this week.
“Web imports have been properly beneath our expectation (-0.5 million barrels per day), with nominal implied dom. provide (prod.+adj.+trans.) considerably exceeding our expectation at 14.6 million barrels per day (we modeled ~13.9 million barrels per day),” they mentioned.
The strategists additionally famous that, amongst merchandise, implied demand was barely above their expectation this week, “with gasoline+distillate+jet at 14.1 million barrels per day (vs. ~14.0 million barrels per day est.), with the trailing 4 week common at 14.2 million barrels per day vs. 13.6 million barrels per day for a similar 4 weeks final yr”.
“Likewise, whole disappearance (impl. demand + exports) for these three merchandise was modestly above our expectation at 16.1 million barrels per day (vs. ~15.9 million barrels per day est.), with the trailing 4 week common at 16.3 million barrels per day vs. 15.8 million barrels per day for a similar 4 weeks final yr,” they added.
In a Skandinaviska Enskilda Banken AB (SEB) report despatched to Rigzone by the SEB workforce on Friday, Ole R. Hvalbye, a commodities analyst on the firm, outlined that the 4.6 million barrel construct reported within the EIA’s newest weekly petroleum standing report “was barely increased than the API’s forecast of +3.3 million barrels and in contrast with a consensus estimate of +3.5 million barrels”.
To contact the writer, e-mail andreas.exarheas@rigzone.com
