U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve (SPR), decreased by 5.8 million barrels from the week ending June 13 to the week ending June 20, the U.S. Energy Information Administration (EIA) highlighted in its latest weekly petroleum status report.
This report, which was released on June 25 and included data for the week ending June 20, showed that crude oil stocks, not including the SPR, stood at 415.1 million barrels on June 20, 420.9 million barrels on June 13, and 460.7 million barrels on June 21, 2024. Crude oil in the SPR stood at 402.5 million barrels on June 20, 402.3 million barrels on June 13, and 372.2 million barrels on June 21, 2024, the report revealed.
Total petroleum stocks – including crude oil, total motor gasoline, fuel ethanol, kerosene type jet fuel, distillate fuel oil, residual fuel oil, propane/propylene, and other oils – stood at 1.633 billion barrels on June 20, the report highlighted. Total petroleum stocks were down 3.9 million barrels week on week and down 35.0 million barrels year on year, the report showed.
“At 415.1 million barrels, U.S. crude oil inventories are about 11 percent below the five year average for this time of year,” the EIA noted in its latest weekly petroleum status report.
“Total motor gasoline inventories decreased by 2.1 million barrels from last week and are about three percent below the five year average for this time of year. Both Finished gasoline inventories and blending components inventories decreased last week,” it added.
“Distillate fuel inventories decreased by 4.1 million barrels last week and are about 20 percent below the five year average for this time of year. Propane/propylene inventories increased by 5.1 million barrels from last week and are nine percent above the five year average for this time of year,” it continued.
In the report, the EIA noted that U.S. crude oil refinery inputs averaged 17 million barrels per day during the week ending June 20. It highlighted that this was 125,000 barrels per day more than the previous week’s average.
“Refineries operated at 94.7 percent of their operable capacity last week,” the EIA said in the report.
“Gasoline production remained flat last week, averaging 10.1 million barrels per day. Distillate fuel production decreased by 185,000 barrels per day last week, averaging 4.8 million barrels per day,” it added.
U.S. crude oil imports averaged 5.9 million barrels per day last week, according to the report, which pointed out that this was an increase of 439,000 barrels per day from the previous week.
“Over the past four weeks, crude oil imports averaged about six million barrels per day, 17.4 percent less than the same four-week period last year,” the EIA said in its report.
“Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 1,007 thousand barrels per day, and distillate fuel imports averaged 73,000 barrels per day,” they added.
Total products supplied over the last four-week period averaged 20 million barrels a day, down by 1.6 percent from the same period last year, the EIA stated in the report.
“Over the past four weeks, motor gasoline product supplied averaged 9.1 million barrels a day, up by 0.2 percent from the same period last year,” it added.
“Distillate fuel product supplied averaged 3.5 million barrels a day over the past four weeks, down by 3.2 percent from the same period last year. Jet fuel product supplied was up 4.3 percent compared with the same four-week period last year,” the EIA went on to state.
In a report sent to Rigzone by the Skandinaviska Enskilda Banken AB (SEB) team on Thursday, Ole R. Hvalbye, a commodities analyst at the company, said the EIA’s weekly petroleum status report “showed a substantial drawdown across key petroleum categories, adding more upside potential to the fundamental picture”.
An oil and gas report sent to Rigzone by the Macquarie team late Monday revealed that Macquarie strategists, including Walt Chancellor and Vikas Dwivedi, were forecasting that U.S. crude inventories would be down by 0.9 million barrels for the week ending June 20.
To contact the author, email andreas.exarheas@rigzone.com
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