U.S. business crude oil inventories, excluding these within the Strategic Petroleum Reserve (SPR), decreased by 4.2 million barrels from the week ending Might 17 to the week ending Might 24, in response to the U.S. Power Data Administration’s (EIA) newest weekly petroleum standing report.
Crude oil shares within the U.S., not together with the SPR, stood at 454.7 million barrels on Might 24, 458.8 million barrels on Might 17, and 459.7 million barrels on Might 26, 2023, the report, which was launched on Might 30, confirmed. Crude oil within the SPR stood at 369.3 million barrels on Might 24, 368.8 million barrels on Might 17, and 355.4 million barrels on Might 26, 2023, the report revealed.
Complete petroleum shares within the U.S. – together with crude oil, whole motor gasoline, gasoline ethanol, kerosene sort jet gasoline, distillate gasoline oil, residual gasoline oil, propane/propylene, and different oils – stood at 1.632 billion barrels on Might 24, the report highlighted. This determine was up 13.2 million barrels week on week and up 34.1 million barrels yr on yr, the report confirmed.
“At 454.7 million barrels, U.S. crude oil inventories are about 4 % under the 5 yr common for this time of yr,” the EIA famous within the report.
“Complete motor gasoline inventories elevated by 2.0 million barrels from final week and are about one % under the 5 yr common for this time of yr. Each completed gasoline and mixing parts inventories elevated final week,” it added.
“Distillate gasoline inventories elevated by 2.5 million barrels final week and are about six % under the 5 yr common for this time of yr. Propane/propylene inventories elevated by 2.1 million barrels from final week and are 15 % above the 5 yr common for this time of yr,” it continued.
The EIA additionally highlighted within the report that U.S. crude oil refinery inputs averaged 17.1 million barrels per day in the course of the week ending Might 24. It identified that this was 601,000 barrels per day greater than the earlier week’s common.
“Refineries operated at 94.3 % of their operable capability final week,” the EIA stated within the report.
“Gasoline manufacturing decreased final week, averaging 10.0 million barrels per day. Distillate gasoline manufacturing decreased final week, averaging 5.0 million barrels per day,” it added.
U.S. crude oil imports averaged 6.8 million barrels per day final week, in response to the EIA report, which outlined that this determine elevated by 106 ,000 barrels per day from the earlier week.
“Over the previous 4 weeks, crude oil imports averaged about 6.8 million barrels per day, 6.5 % greater than the identical four-week interval final yr,” the EIA stated.
“Complete motor gasoline imports (together with each completed gasoline and gasoline mixing parts) final week averaged 1.1 million barrels per day, and distillate gasoline imports averaged 165,000 barrels per day,” it added.
The EIA famous within the report that whole merchandise provided over the past four-week interval averaged 19.9 million barrels a day, which it identified was down by 0.1 % from the identical interval final yr.
“Over the previous 4 weeks, motor gasoline product provided averaged 9.0 million barrels a day, down by 1.7 % from the identical interval final yr,” the EIA stated.
“Distillate gasoline product provided averaged 3.7 million barrels a day over the previous 4 weeks, down by 4.0 % from the identical interval final yr. Jet gasoline product provided was up 1.9 % in contrast with the identical four-week interval final yr,” it added.
Within the report, the EIA highlighted that the value for West Texas Intermediate (WTI) crude oil was $78.48 per barrel on Might 24. It acknowledged that this was $3.18 lower than every week in the past, and $6.13 greater than a yr in the past.
The nationwide common retail worth for normal gasoline declined to $3.577 per gallon on Might 27, 2024, $0.007 under final week’s worth, and $0.006 greater than the year-ago worth, the EIA stated within the report, including that the nationwide common retail diesel gasoline worth declined $0.031 to $3.758 per gallon, $0.097 decrease than the value one yr in the past.
In its newest brief time period vitality outlook, which was launched earlier this month, the EIA diminished its WTI oil worth forecast for 2024 and 2025. Based on its Might STEO, the EIA now sees the WTI spot worth averaging $83.05 per barrel this yr and $80.88 per barrel subsequent yr. In its earlier April STEO, the EIA projected that the commodity would common $83.78 per barrel in 2024 and $82.48 per barrel in 2025.
Based on the AAA Gasoline Costs web site, the typical worth of normal gasoline within the U.S. at the moment stands at $3.559 per gallon. Yesterday’s common was $3.569 per gallon, the week in the past common was $3.609 per gallon, the month in the past common was $$3.657 per gallon, and the yr in the past common was $3.576 per gallon, the location confirmed.
The typical worth of diesel within the U.S. at the moment stands at $3.873 per gallon, in response to the location. Yesterday’s common was $3.878 per gallon, the week in the past common was $3.897 per gallon, the month in the past common was $4.008 per gallon, and the yr in the past common was $3.954 per gallon, the location outlined.
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