USA Crude Oil Stocks See 10MM Barrel Build - Rigzone News

USA Crude Oil Stocks See 10MM Barrel Build | Rigzone

USA Crude Oil Stocks See 10MM Barrel Build

U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve (SPR), increased by 10.2 million barrels from the week ending September 29 to week ending October 6, according to the U.S. Energy Information Administration’s (EIA) latest weekly petroleum status report.

The country’s crude oil stocks, not including the SPR, stood at 424.2 million barrels on October 6, 414.1 million barrels on September 29, and 439.1 million barrels on October 7, 2022, the report revealed. SPR stocks stood at 351.3 million barrels on October 6 and September 29, and at 408.7 million barrels on October 7, 2022, the report highlighted.

Total U.S. petroleum stocks – including crude oil, motor gasoline, fuel ethanol, kerosene type jet fuel, distillate fuel oil, residual fuel oil, propane/propylene, and other oils – stood at 1.629.3 billion barrels on October 6, according to the report, which outlined that this was up 6.3 million barrels from the prior week.

“At 424.2 million barrels, U.S. crude oil inventories are about three percent below the five year average for this time of year,” the EIA stated in the report.

“Total motor gasoline inventories decreased by 1.3 million barrels from last week and are about one percent above the five year average for this time of year. Both finished gasoline and blending components inventories decreased last week,” the EIA added.

“Distillate fuel inventories decreased by 1.8 million barrels last week and are about 11 percent below the five year average for this time of year. Propane/propylene inventories increased by 0.1 million barrels from last week and are 18 percent above the five year average for this time of year,” the EIA continued.

“Total commercial petroleum inventories increased by 6.3 million barrels last week,” it went on to state.

According to the EIA’s report, U.S. crude oil refinery inputs averaged 15.2 million barrels per day during the week ending October 6, which the organization said was 399,000 barrels per day less than the previous week’s average.

“Refineries operated at 85.7 percent of their operable capacity last week,” the EIA stated in the report.

“Gasoline production increased last week, averaging 9.7 million barrels per day. Distillate fuel production increased last week, averaging 4.7 million barrels per day,” it added.

U.S. crude oil imports averaged 6.3 million barrels per day last week, the EIA noted in the report, highlighting that this had increased by 115,000 barrels per day from the previous week.

“Over the past four weeks, crude oil imports averaged about 6.6 million barrels per day, 3.5 percent more than the same four-week period last year,” the EIA said in the report.

“Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 589,000 barrels per day, and distillate fuel imports averaged 120,000 barrels per day,” it added.

Total products supplied over the last four-week period averaged 20.0 million barrels a day, up by 0.1 percent from the same period last year, the EIA noted in the report.

“Over the past four weeks, motor gasoline product supplied averaged 8.4 million barrels a day, down by 3.6 percent from the same period last year,” the EIA added.

“Distillate fuel product supplied averaged 3.9 million barrels a day over the past four weeks, down by 2.7 percent from the same period last year. Jet fuel product supplied was up 5.1 percent compared with the same four-week period last year,” it continued.

In a note sent to Rigzone before the release of the EIA’s latest weekly petroleum status report, Macquarie strategists projected that U.S. crude inventories would be up 8.8 million barrels for the week ending October 6.

“This follows a 2.2 million barrel draw for the week ending September 29, with the total U.S. crude balance realizing slightly looser than we anticipated,” the strategists said in the note.

“For this week, from refineries, we model further reductions in crude runs (-0.4 MBD). Among net imports, we look for a large week on week increase, with exports sharply lower on a nominal basis (-1.5 MBD) and imports modestly higher (+0.2 MBD),” they added.

“From implied domestic supply (prod. + adj.), we look for a pull-back (-0.5 MBD) following last week’s strong print. Rounding out the picture, we anticipate no change in SPR inventory on the week,” they continued.

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

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