USA Crude Oil Stocks Down 6MM Barrels Week on Week - Rigzone News

USA Crude Oil Stocks Down 6MM Barrels Week on Week | Rigzone

USA Crude Oil Stocks Down 6MM Barrels Week on Week

U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve (SPR), decreased by 6.0 million barrels from the week ending on August 4 to the week ending on August 11, the U.S. Energy Information Administration’s (EIA) latest weekly petroleum status report revealed.

Crude oil stocks, excluding the SPR, totaled 439.7 million barrels on August 11, 445.6 million barrels on August 4, and 425.0 million barrels on August 12, 2022, the EIA report showed. Crude oil in the SPR stood at 348.4 million barrels on August 11, 347.8 million barrels on August 4, and 461.2 million barrels on August 12, 2022, according to the report.

“At 439.7 million barrels, U.S. crude oil inventories are about one percent below the five year average for this time of year,” the EIA noted in the report, adding that total commercial petroleum inventories decreased by 7.4 million barrels last week.

“Total motor gasoline inventories decreased by 0.3 million barrels from last week and are about six percent below the five year average for this time of year,” the EIA report stated.

“Finished gasoline inventories decreased, while blending components inventories increased last week. Distillate fuel inventories increased by 0.3 million barrels last week and are about 16 percent below the five year average for this time of year,” it added.

“Propane/propylene inventories increased 0.7 million barrels from last week and are 21 percent above the five year average for this time of year,” the report continued.

U.S. crude oil refinery inputs averaged 16.7 million barrels per day during the week ending August 11, which was 166,000 barrels per day more than the previous week’s average, the report outlined.

Refineries operated at 94.7 percent of their operable capacity last week, the report noted, adding that gasoline production decreased last week, averaging 9.6 million barrels per day. Distillate fuel production was down last week, averaging 4.7 million barrels per day, the report highlighted.

According to the report, U.S. crude oil imports averaged 7.2 million barrels per day last week and increased by 476,000 barrels per day from the previous week.

“Over the past four weeks, crude oil imports averaged about 6.7 million barrels per day, 4.1 percent more than the same four-week period last year,” the report stated.

“Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 586,000 barrels per day, and distillate fuel imports averaged 129,000 barrels per day,” it added.

Total products supplied over the last four-week period averaged 20.9 million barrels a day, up by 3.8 percent from the same period last year, the report noted.

“Over the past four weeks, motor gasoline product supplied averaged 9.0 million barrels a day, down by 0.9 percent from the same period last year,” it stated.

“Distillate fuel product supplied averaged 3.7 million barrels a day over the past four weeks, down by 2.1 percent from the same period last year. Jet fuel product supplied was up 4.6 percent compared with the same four-week period last year,” it added.

In a report sent to Rigzone on Tuesday, prior to the release of the EIA’s latest weekly petroleum status report, Macquarie strategists revealed that they were forecasting U.S. crude inventories down 3.1 million barrels for the week ending August 11.

“This follows a 5.9 million barrel build for the week ending August 4, with the total U.S. crude balance realizing significantly looser than we had anticipated,” the strategists stated in the report.

“Moving to this week, from refineries, we model a modest increase in crude runs (+0.1 MBD). We again look for a wide swing in net imports, this week towards tightening the balance, with exports sharply higher on a nominal basis (+1.5 MBD) and imports little changed,” they added.

“From implied domestic supply (prod + adj.), we look for a small increase (+0.2 MBD) this week. Rounding out the picture, we anticipate a small increase in SPR inventory on the week (+0.6 million barrels),” they continued.

In the report, the strategists stated that, “with large fundamental swings in flows, as well as inherent noise in the weekly data, we remain wary of week to week volatility in EIA crude stats”.

“At Cushing, our refinery/pipeline model is calling for a draw of 1.3 million barrels this week. Among products, we look for a gasoline draw (-1.6 million barrels) with distillate (-0.1 million barrels) and jet stocks (-0.2 million barrels) also slightly lower,” they added.

“We model implied demand for these three products at ~14.4 MBD compared to 14.9 MBD last week and a trailing four-week avg. of 14.5 MBD,” the strategists continued.

To contact the author, email andreas.exarheas@rigzone.com

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Andreas ExarheasEditor | Rigzone

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