U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve (SPR), decreased by 4.3 million barrels from the week ending May 23 to the week ending May 30, the U.S. Energy Information Administration (EIA) highlighted in its latest weekly petroleum status report.
That report was released on June 4 and included data for the week ending May 30. It showed that crude oil stocks, not including the SPR, stood at 436.1 million barrels on May 30, 440.4 million barrels on May 23, and 455.9 million barrels on May 31, 2024. Crude oil in the SPR stood at 401.8 million barrels on May 30, 401.3 million barrels on May 23, and 370.2 million barrels on May 31, 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 1.637 billion barrels on May 30, the report highlighted. Total petroleum stocks were up 13.4 million barrels week on week and down 9.7 million barrels year on year, the report showed.
“At 436.1 million barrels, U.S. crude oil inventories are about seven 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 increased by 5.2 million barrels from last week and are about one percent below the five year average for this time of year. Both finished gasoline inventories and blending components inventories increased last week,” it added.
“Distillate fuel inventories increased by 4.2 million barrels last week and are about 16 percent below the five year average for this time of year. Propane/propylene inventories increased by 6.8 million barrels from last week and are two percent above the five year average for this time of year,” it continued.
U.S. crude oil refinery inputs averaged 17 million barrels per day during the week ending May 30, the EIA said in its report, highlighting that this was 670,000 barrels per day more than the previous week’s average.
“Refineries operated at 93.4 percent of their operable capacity last week,” the EIA noted in the report.
“Gasoline production decreased last week, averaging nine million barrels per day. Distillate fuel production increased by 183,000 barrels per day last week, averaging five million barrels per day,” it added.
U.S. crude oil imports averaged 6.3 million barrels per day last week, according to the report, which outlined that this was a decrease of 5,000 barrels per day from the previous week.
“Over the past four weeks, crude oil imports averaged about 6.2 million barrels per day, 9.6 percent less 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 845,000 barrels per day, and distillate fuel imports averaged 166,000 barrels per day,” it added.
Total products supplied over the last four-week period averaged 19.8 million barrels a day, down by 0.9 percent from the same period last year, the EIA stated in its report.
“Over the past four weeks, motor gasoline product supplied averaged 8.8 million barrels a day, down by 3.1 percent from the same period last year,” the EIA added.
“Distillate fuel product supplied averaged 3.6 million barrels a day over the past four weeks, down by 4.3 percent from the same period last year. Jet fuel product supplied was down 2.2 percent compared with the same four-week period last year,” the EIA went on to state.
In an oil report sent to Rigzone by the Skandinaviska Enskilda Banken AB (SEB) team on Thursday, Ole R. Hvalbye, a commodities analyst at the company, highlighted that U.S. commercial crude inventories, excluding the SPR, fell by 4.3 million barrels but added that “the drop is according to standard seasonal movements – indicating minor market reactions”.
“Motor gasoline inventories rose by 5.2 million barrels, now one percent below the five-year average. Yet, the climb is according to a seasonal expected climb,” Hvalbye added.
“Diesel inventories increased by 4.2 million barrels. Even though it continues to remain 16 percent below the seasonal average, the climb is anticipated,” he continued.
To contact the author, email andreas.exarheas@rigzone.com
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