USA Crude Oil Inventories Rise by Almost 4MM Barrels WoW

U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve (SPR), increased by 3.8 million barrels from the week ending June 20 to the week ending June 27, the U.S. Energy Information Administration (EIA) highlighted in its latest weekly petroleum status report.

That report was released on July 2 and included data for the week ending June 27. It showed that crude oil stocks, not including the SPR, stood at 419.0 million barrels on June 27, 415.1 million barrels on June 20, and 448.5 million barrels on June 28, 2024. The EIA report highlighted that data may not add up to totals due to independent rounding.

Crude oil in the SPR stood at 402.8 million barrels on June 27, 402.5 million barrels on June 20, and 372.6 million barrels on June 28, 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 1.642 billion barrels on June 27, the EIA report pointed out. Total petroleum stocks were up 9.6 million barrels week on week and down 12.8 million barrels year on year, the report showed.

“At 419 million barrels, U.S. crude oil inventories are about nine percent below the five year average for this time of year,” the EIA said in its latest weekly petroleum status report.

“Total motor gasoline inventories increased by 4.2 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 decreased by 1.7 million barrels last week and are about 21 percent below the five year average for this time of year. Propane/propylene inventories increased by three million barrels from last week and are 11 percent above the five year average for this time of year,” it went on to state.

U.S. crude oil refinery inputs averaged 17.1 million barrels per day during the week ending June 27, according to the report, which highlighted that this was 118,000 barrels per day more than the previous week’s average.

“Refineries operated at 94.9 percent of their operable capacity last week,” the EIA stated in the report.

“Gasoline production decreased last week, averaging 9.6 million barrels per day. Distillate fuel production increased by 244,000 barrels per day last week, averaging five million barrels per day,” it added.

U.S. crude oil imports averaged 6.9 million barrels per day last week, the report noted. It pointed out that this was an increase of 976,000 barrels per day from the previous week.

“Over the past four weeks, crude oil imports averaged about 6.1 million barrels per day, 13.9 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 906,000 barrels per day, and distillate fuel imports averaged 118,000 barrels per day,” it added.

Total products supplied over the last four-week period averaged 20.3 million barrels a day, down by 1.1 percent from the same period last year, the EIA stated in its latest weekly petroleum status report.

“Over the past four weeks, motor gasoline product supplied averaged 9.2 million barrels a day, down by 0.1 percent from the same period last year,” it added.

“Distillate fuel product supplied averaged 3.7 million barrels a day over the past four weeks, up by 0.6 percent from the same period last year. Jet fuel product supplied was up 2.4 percent compared with the same four-week period last year,” it continued.

An oil and gas report sent to Rigzone by the Macquarie team late Monday revealed that Macquarie strategists were forecasting that U.S. crude inventories would be down by 1.3 million barrels for the week ending June 27.

“This follows a 5.8 million barrel draw in the prior week, with the crude balance again realizing significantly tighter than our expectations amidst another week of disappointing net imports,” the Macquarie strategists stated in that report.

U.S. commercial crude oil inventories, excluding those in the SPR, dropped by 5.8 million barrels from the week ending June 13 to the week ending June 20, the EIA highlighted in its previous weekly petroleum status report, which was released on June 25.

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