U.S. business crude oil inventories, excluding these within the Strategic Petroleum Reserve (SPR), decreased by 5.1 million barrels from the week ending November 22 to the week ending November 29, the U.S. Power Data Administration (EIA) highlighted in its newest weekly petroleum standing report.
The EIA report, which was launched late December 4 and included information for the week ending November 29, confirmed that crude oil shares, not together with the SPR, stood at 423.4 million barrels on November 29, 428.4 million barrels on November 22, and 445.0 million barrels on December 1, 2023. The EIA report highlighted that information could not add as much as totals as a result of impartial rounding.
Crude oil within the SPR stood at 391.8 million barrels on November 29, 390.4 million barrels on November 22, and 351.9 million barrels on December 1, 2023, the report confirmed.
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Whole petroleum shares – together with crude oil, whole motor gasoline, gasoline ethanol, kerosene kind jet gasoline, distillate gasoline oil, residual gasoline oil, propane/propylene, and different oils – stood at 1.629 billion barrels on November 29, the report revealed. This determine was down 3.3 million barrels week on week and up 7.9 million barrels yr on yr, the report outlined.
“At 423.4 million barrels, U.S. crude oil inventories are about 5 % beneath the 5 yr common for this time of yr,” the EIA famous in its newest weekly petroleum standing report.
“Whole motor gasoline inventories elevated by 2.4 million barrels from final week and are about 4 % beneath the 5 yr common for this time of yr. Completed gasoline inventories decreased whereas mixing parts inventories elevated final week,” it added.
“Distillate gasoline inventories elevated by 3.4 million barrels final week and are about 5 % beneath the 5 yr common for this time of yr. Propane/propylene inventories decreased by 0.7 million barrels from final week and are 10 % above the 5 yr common for this time of yr,” it continued.
Within the report, the EIA stated U.S. crude oil refinery inputs averaged 16.9 million barrels per day throughout the week ending November 29. It highlighted that this was 615,000 barrels per day greater than the earlier week’s common.
“Refineries operated at 93.3 % of their operable capability final week. Gasoline manufacturing decreased final week, averaging 9.5 million barrels per day. Distillate gasoline manufacturing elevated final week, averaging 5.3 million barrels per day,” the EIA said within the report.
U.S. crude oil imports averaged 7.3 million barrels per day final week, in response to the report, which identified that this was a rise of 1.2 million barrels per day from the earlier week.
“Over the previous 4 weeks, crude oil imports averaged about 6.9 million barrels per day, 5.0 % greater than the identical four-week interval final yr,” the EIA famous in its report.
“Whole motor gasoline imports (together with each completed gasoline and gasoline mixing parts) final week averaged 511,000 barrels per day, and distillate gasoline imports averaged 116,000 barrels per day,” it added.
Whole merchandise provided over the past four-week interval averaged 20.4 million barrels a day, up by 4.0 % from the identical interval final yr, the EIA said in its newest weekly petroleum standing report.
“Over the previous 4 weeks, motor gasoline product provided averaged 8.8 million barrels a day, up by 2.8 % from the identical interval final yr,” it added.
“Distillate gasoline product provided averaged 3.7 million barrels a day over the previous 4 weeks, even with the identical interval final yr. Jet gasoline product provided was up 7.1 % in contrast with the identical four-week interval final yr,” it went on to state.
The EIA additionally famous in its newest weekly petroleum standing report that the nationwide common retail value for normal gasoline declined to $3.034 per gallon on December 2, “$0.010 beneath final week’s value, and $0.197 lower than the yr in the past value”.
“The nationwide common retail diesel gasoline value rose $0.001 to $3.540 per gallon, $0.552 decrease than the value one yr in the past,” it added.
In line with the AAA Gasoline Costs web site, the typical common gasoline value within the U.S. is $3.026 per gallon and the typical diesel value within the nation is $3.531 per gallon, as of December 6.
In a report despatched to Rigzone by the Macquarie crew late Monday, Macquarie strategists revealed that they have been forecasting that U.S. crude inventories could be down a million barrels for the week ending November 29.
“This compares to our early search for the week which anticipated a 0.5 million barrel construct, and a 1.8 million barrel draw realized for the week ending November 22,” the strategists stated in that report.
To contact the writer, e-mail andreas.exarheas@rigzone.com
