USA Crude Oil Stocks Drop 9MM Barrels WoW

U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve (SPR), decreased by 9.0 million barrels from the week ending February 6 to the week ending February 13, the U.S. Energy Information Administration (EIA) highlighted in its latest weekly petroleum status report.

According to this report, which was released on February 19 and included data for the week ending February 13, crude oil stocks, not including the SPR, stood at 419.8 million barrels on February 13, 428.8 million barrels on February 6, and 432.5 million barrels on February 14, 2025. Crude oil in the SPR stood at 415.4 million barrels on February 13, 415.2 million barrels on February 6, and 395.3 million barrels on February 14, 2025, the EIA 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 1.670 billion barrels on February 13, the report highlighted. Total petroleum stocks were down 18.9 million barrels week on week and up 62.9 million barrels year on year, the report pointed out.

“At 419.8 million barrels, U.S. crude oil inventories are about five 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 decreased by 3.2 million barrels from last week and are about three percent above the five year average for this time of year. Both finished gasoline and blending components inventories decreased last week,” it added.

“Distillate fuel inventories decreased by 4.6 million barrels last week and are about five percent below the five year average for this time of year. Propane/propylene inventories decreased 3.1 million barrels from last week and are about 39 percent above the five year average for this time of year,” it continued.

U.S. crude oil refinery inputs averaged 16.1 million barrels per day during the week ending February 13, according to the EIA report, which noted that this was 77,000 barrels per day more than the previous week’s average.

“Refineries operated at 91.0 percent of their operable capacity last week,” the EIA said in its report.

“Gasoline production increased last week, averaging 9.4 million barrels per day. Distillate fuel production increased by 28,000 barrels per day last week, averaging 4.9 million barrels per day,” it added.

U.S. crude oil imports averaged 6.5 million barrels per day last week, the report noted. This marked a decrease of 281,000 barrels per day from the previous week, the report outlined.

“Over the past four weeks, crude oil imports averaged about 6.3 million barrels per day, 1.3 percent less than the same four-week period last year,” the EIA said.

“Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 353,000 barrels per day, and distillate fuel imports averaged 199,000 barrels per day,” it added.

Total products supplied over the last four-week period averaged 21.2 million barrels per day, 4.1 percent above 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 8.5 million barrels per day, 1.5 percent above the same period last year,” the EIA said.

“Distillate fuel product supplied averaged 4.4 million barrels per day over the past four weeks, up by 2.5 percent from the same period last year. Jet fuel product supplied was down 1.9 percent compared with the same four-week period last year,” the EIA added.

Analyst View

In a Skandinaviska Enskilda Banken AB (SEB) report sent to Rigzone on Friday, SEB Commodities Analyst Ole R. Hvalbye noted that yesterday’s EIA report “delivered a sizeable draw across the board”.

“Commercial crude inventories fell by 9.0 million barrels, materially stronger than Bloomberg consensus (+2.1 million barrels) and well below the earlier API indication (-0.6 million barrels),” he added.

“Following the draw, U.S. crude inventories now stand at 419.8 million barrels, roughly five percent below the five-year average for this time of year and around 10 million barrels lower than the same week last year,” he continued.

“That is not tight in absolute terms, but it does move the balance incrementally in the right direction,” he noted.

Hvalbye went on to state that the strength was not limited to crude.

“Gasoline inventories declined by 3.2 million barrels (consensus: -0.3 million barrels), while diesel inventories fell 4.6 million barrels (consensus: -2.1 million barrels). Propane inventories also dropped 3.1 million barrels, though they remain comfortably above seasonal norms,” he added.

“In total, combined commercial petroleum inventories [excluding the SPR] fell by 19.1 million barrels on the week, a sizeable headline draw and a supportive data point at the margin,” he said.

On the operational side, refinery inputs rose modestly, with utilization ticking up 0.6 percentage points to 91.0 percent, Hvalbye stated in the report.

“Crude runs average 16.1 million barrels per day. Product output increased slightly, with gasoline production at 9.4 million barrels per day and distillate at 4.9 million barrels per day,” he added.

The SEB Commodities Analyst went on to note that imports were somewhat softer.

“Crude imports averaged 6.5 million barrels per day, down 281,000 barrels per day week on week. On a four-week average basis, crude imports are running about 1.3 percent below the same period last year,” he said.

Hvalbye also noted in the SEB report that demand signals remain constructive.

“Total products supplied over the past four weeks averaged 21.2 million barrels per day, up 4.1 percent year on year. Gasoline demand is running 1.5 percent higher year on year, while diesel demand is up 2.5 percent. Jet fuel demand is the only weaker pocket, down 1.9 percent versus last year,” he said.

Hvalbye concluded by noting that, “in short”, the latest EIA data “added a fundamentally supportive backdrop at a time when geopolitics dominated headlines”.

“The draw was broad-based and stronger than expected, and while one week does not define a trend, it reduces the argument for near-term oversupply,” he added.

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