U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve (SPR), increased by 1.2 million barrels between the week ending January 19 and the week ending January 26.
This is according to the latest weekly Oil Status Report from the US Energy Information Administration (EIA), which revealed that US crude oil inventories, not including SPR, stood at 421 .9 million barrels on January 26, 420.7 million barrels on January 19 and 452.7 million barrels. on January 27, 2023.
The total quantity of crude oil in the SPR was 357.4 million barrels on January 26, 356.5 million barrels on January 19 and 371.6 million barrels on January 27 last year, according to the EIA report. Total petroleum stocks in the United States – including crude oil, total motor gasoline, ethanol fuel, kerosene jet fuel, distillate fuel oil, residual fuel oil, propane/propylene and others oils – stood at 1.588 billion barrels on January 26, according to the report. describe. This figure is down by 8.7 million barrels per week and up by 18.3 million barrels year-on-year, the report reveals.
“At 421.9 million barrels, U.S. crude oil inventories are about five percent below the five-year average for this time of year,” the EIA notes in the report.
“Total motor gasoline inventories increased by 1.2 million barrels from last week and are about one percent above the five-year average for this time of year. Stocks of finished gasoline and blending components increased last week,” he added.
“Distillate inventories declined by 2.5 million barrels last week and are about five percent below the five-year average for this time of year. Propane/propylene inventories decreased by 5.3 million barrels from last week and are one percent above the five-year average for this time of year,” the EIA continues.
The EIA noted in its report that crude oil refinery shipments in the United States averaged 14.8 million barrels per day during the week ending January 26, or 428,000 barrels per day of less than the average of the previous week.
“Refineries operated at 82.9 percent of their operational capacity last week,” the EIA said in the report.
“Gasoline production increased last week, averaging 9.3 million barrels per day. Distillate production declined last week, averaging 4.4 million barrels per day,” the statement added.
According to the EIA report, U.S. crude oil imports averaged 5.6 million barrels per day last week. This represents an increase of 25,000 barrels per day from the previous week, the EIA found.
“Over the past four weeks, crude oil imports averaged about 6.2 million barrels per day, 5.9 percent lower than the same four-week period last year,” notes the EIA in the report.
“Total automotive gasoline imports (including finished gasoline and gasoline blending components) last week averaged 400,000 barrels per day, and distillate fuel imports averaged 138 000 barrels per day,” he added.
The EIA highlighted in the report that total products supplied over the past four weeks averaged 19.8 million barrels per day. This represents an increase of 2.1 percent compared to the same period last year, according to the EIA.
“Over the past four weeks, automotive gasoline supplied averaged 8.2 million barrels per day, an increase of 1.2 percent compared to the same period last year,” it said. the EIA in the report.
“Distilled products supplied averaged 3.7 million barrels per day over the past four weeks, down 5.2% from the same period last year. Jet fuel products supplied increased by 1.7 percent compared to the same four-week period last year,” he added.
In an oil and gas report sent to Rigzone ahead of the release of the EIA’s latest weekly state of oil report, Macquarie strategists revealed they forecast US crude stocks to rise by 4, 4 million barrels for the week ending January 26.
“This compares to consumption of 9.2 million barrels for the week ending January 19, with the total U.S. crude balance slightly weaker than expected amid substantial freeze-related impacts,” noted the strategists in the report.
“Moving to this week, from refineries, we expect a moderate reduction in crude volumes (-0.3 million barrels per day). Among net imports, we model a strong weekly increase, with exports nominally lower (-0.5 million barrels per day) and imports higher (+0.6 million barrels per day),” they added. .
“The cargo schedule could once again inject significant volatility into this week’s gross balance. From implicit domestic supply (prod.+adj.+transfers), we are looking for an increase (+0.6 million barrels per day) as we model a significant recovery in frost-related impacts,” they said. for follow-up.
The strategists also revealed in the report that they forecast a 0.9 million barrel increase in SPR inventories during the week.
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