U.S. industrial crude oil inventories, excluding these within the Strategic Petroleum Reserve (SPR), elevated by 4.2 million barrels from the week ending February 16 to the week ending February 23, the U.S. Vitality Info Administration (EIA) revealed in its newest weekly petroleum standing report.
Crude oil shares within the U.S., not together with the SPR, stood at 447.2 million barrels on February 23, 443.0 million barrels on February 16, and 480.2 million barrels on February 24, 2023, the report confirmed. Crude oil within the SPR got here in at 360.3 million barrels on February 23, 359.5 million barrels on February 16, and 371.6 million barrels on February 24, 2023, based on the report.
Whole petroleum shares within the U.S. – 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 1.588 billion barrels on February 23, the report outlined. This determine was down 2.4 million barrels week on week and down 41.5 million barrels 12 months on 12 months, the report revealed.
“At 447.2 million barrels, U.S. crude oil inventories are about one % beneath the 5 12 months common for this time of 12 months,” the EIA famous in its newest report.
“Whole motor gasoline inventories decreased by 2.8 million barrels from final week and are about two % beneath the 5 12 months common for this time of 12 months. Completed gasoline inventories elevated, whereas mixing elements inventories decreased final week,” it added.
“Distillate gas inventories decreased by 0.5 million barrels final week and are about eight % beneath the 5 12 months common for this time of 12 months. Propane/propylene inventories decreased by 3.4 million barrels from final week and are one % above the 5 12 months common for this time of 12 months,” it continued.
U.S. crude oil refinery inputs averaged 14.7 million barrels per day in the course of the week ending February 23, the EIA acknowledged in its report, highlighting that this was 100,000 barrels per day greater than the earlier week’s common.
“Refineries operated at 81.5 % of their operable capability final week,” the EIA stated within the report.
“Gasoline manufacturing elevated final week, averaging 9.4 million barrels per day. Distillate gas manufacturing elevated final week, averaging 4.3 million barrels per day,” it added.
U.S. crude oil imports averaged 6.4 million barrels per day final week, based on the EIA’s report. This marked a 269,000 barrel per day lower from the earlier week, the report identified.
“Over the previous 4 weeks, crude oil imports averaged about 6.6 million barrels per day, 2.3 % greater than the identical four-week interval final 12 months,” the EIA stated within the report.
“Whole motor gasoline imports (together with each completed gasoline and gasoline mixing elements) final week averaged 384,000 barrels per day, and distillate gas imports averaged 112,000 barrels per day,” it added.
Whole merchandise equipped over the past four-week interval averaged 19.5 million barrels a day, down by 3.2 % from the identical interval final 12 months, the EIA acknowledged within the report.
“Over the previous 4 weeks, motor gasoline product equipped averaged 8.4 million barrels a day, down by 3.1 % from the identical interval final 12 months,” it added.
“Distillate gas product equipped averaged 3.7 million barrels a day over the previous 4 weeks, down by 3.0 % from the identical interval final 12 months. Jet gas product equipped was up 2.9 % in contrast with the identical four-week interval final 12 months,” it continued.
In its newest report, the EIA additionally highlighted that the value for West Texas Intermediate (WTI) crude oil was $77.60 per barrel on February 23, noting that this determine was $2.05 decrease than per week in the past, and $1.41 greater than a 12 months in the past.
The nationwide common retail value for normal gasoline declined to $3.249 per gallon on February 26, $0.02 beneath final week’s value, and $0.093 lower than the year-ago value, the EIA stated within the report.
In an oil and gasoline report despatched to Rigzone late Monday, Macquarie strategists revealed that they had been forecasting that U.S. crude inventories could be up by 5.6 million barrels for the week ending February 23. The strategists highlighted in that report that they anticipated a 0.8 million barrel SPR stock improve week on week.
To contact the writer, electronic mail andreas.exarheas@rigzone.com