U.S. industrial crude oil inventories, excluding these within the Strategic Petroleum Reserve (SPR), elevated by 1.4 million barrels from the week ending February 23 to the week ending March 1, 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 448.5 million barrels on March 1, 447.2 million barrels on February 23, and 478.5 million barrels on March 3, 2023, the report confirmed. Crude oil within the SPR stood at 361.0 million barrels on March 1, 360.3 million barrels on February 23, and 371.6 million barrels on March 3, 2023, the report highlighted.
Complete petroleum shares within the U.S. – 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 1.583 billion barrels on March 1, the report outlined. This determine was down 4.8 million barrels week on week and down 48.1 million barrels 12 months on 12 months, the report revealed.
“At 448.5 million barrels, U.S. crude oil inventories are about one p.c under the 5 12 months common for this time of 12 months,” the EIA famous within the report.
“Complete motor gasoline inventories decreased by 4.5 million barrels from final week and are about two p.c under the 5 12 months common for this time of 12 months. Each completed gasoline and mixing elements inventories elevated final week,” it added.
“Distillate gas inventories decreased by 4.1 million barrels final week and are about 10 p.c under the 5 12 months common for this time of 12 months. Propane/propylene inventories barely decreased from final week and are 4 p.c above the 5 12 months common for this time of 12 months,” it continued.
Within the report, the EIA highlighted that U.S. crude oil refinery inputs averaged 15.3 million barrels per day throughout the week ending March 1, 2024, which it mentioned was 595,000 barrels per day greater 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 elevated final week, averaging 9.6 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 7.2 million barrels per day final week, in line with the EIA’s report, which identified that this was a rise of 837,000 barrels per day from the earlier week.
“Over the previous 4 weeks, crude oil imports averaged about 6.7 million barrels per day, 6.8 p.c greater than the identical four-week interval final 12 months,” the EIA mentioned within the report.
“Complete motor gasoline imports (together with each completed gasoline and gasoline mixing elements) final week averaged 588,000 barrels per day, and distillate gas imports averaged 195,000 barrels per day,” it added.
Complete merchandise provided during the last four-week interval averaged 19.5 million barrels a day, in line with the report, which famous that this was down by 1.3 p.c from the identical interval final 12 months.
“Over the previous 4 weeks, motor gasoline product provided averaged 8.5 million barrels a day, down by 2.9 p.c from the identical interval final 12 months,” the EIA mentioned within the report.
“Distillate gas product provided averaged 3.8 million barrels a day over the previous 4 weeks, up by 0.3 p.c from the identical interval final 12 months. Jet gas product provided was up 1.6 p.c in contrast with the identical four-week interval final 12 months,” it added.
The EIA’s report additionally identified that the worth for West Texas Intermediate crude oil was $80.90 per barrel on March 1, 2024, “$3.30 greater than per week in the past, and $1.28 greater than a 12 months in the past”.
The nationwide common retail worth for normal gasoline rose to $3.350 per gallon on March 4, 2024, $0.101 above final week’s worth, and $0.039 lower than the year-ago worth, the EIA famous within the report, including that the nationwide common retail diesel gas worth declined $0.036 to $4.022 per gallon, “$0.260 decrease than the worth one 12 months in the past”.
In a report despatched to Rigzone this week, previous to the discharge of the EIA’s newest weekly petroleum standing report, Macquarie strategists revealed that they had been forecasting that U.S. crude inventories would rise by 4.0 million barrels for the week ending March 1.
In addition they outlined within the report that they noticed SPR stock rising by 0.7 million barrels week on week.
To contact the writer, e-mail andreas.exarheas@rigzone.com