U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve (SPR), decreased by 3.9 million barrels from the week ending July 4 to the week ending July 11, the U.S. Energy Information Administration (EIA) highlighted in its latest weekly petroleum status report.
That report, which was released on July 16 and included data for the week ending July 11, showed that crude oil stocks, not including the SPR, stood at 422.2 million barrels on July 11, 426.0 million barrels on July 4, and 440.2 million barrels on July 12, 2024. The report highlighted that data may not add up to totals due to independent rounding.
Crude oil in the SPR stood at 402.7 million barrels on July 11, 403.0 million barrels on July 4, and 373.7 million barrels on July 12, 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 1.658 billion barrels on July 11, the report highlighted. Total petroleum stocks were up 9.0 million barrels week on week and down 11.2 million barrels year on year, the report showed.
“At 422.2 million barrels, U.S. crude oil inventories are about eight 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 3.4 million barrels from last week and are slightly above the five year average for this time of year. Finished gasoline inventories decreased and blending components inventories increased last week,” it added.
“Distillate fuel inventories increased by 4.2 million barrels last week and are about 21 percent below the five year average for this time of year. Propane/propylene inventories increased by 4.5 million barrels from last week and are 14 percent above the five year average for this time of year,” it continued.
U.S. crude oil refinery inputs averaged 16.8 million barrels per day during the week ending July 11, according to the report, which highlighted that this was 158,000 barrels per day less than the previous week’s average.
“Refineries operated at 93.9 percent of their operable capacity last week,” the EIA said in the report.
“Gasoline production decreased last week, averaging 9.1 million barrels per day. Distillate fuel production decreased by 109,000 barrels per day last week, averaging five million barrels per day,” it added.
U.S. crude oil imports averaged 6.4 million barrels per day last week, the report noted. This was an increase of 366,000 barrels per day from the previous week, the report pointed out.
“Over the past four weeks, crude oil imports averaged about 6.3 million barrels per day, 6.3 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 624,000 barrels per day, and distillate fuel imports averaged 146,000 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 report.
“Over the past four weeks, motor gasoline product supplied averaged nine million barrels a day, down by 1.6 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 4.4 percent from the same period last year. Jet fuel product supplied was up three percent compared with the same four-week period last year,” the EIA went on to state.
In a report sent to Rigzone by the Macquarie team late Monday, Macquarie strategists revealed that they were forecasting that U.S. crude inventories would be up by 1.2 million barrels for the week ending July 11.
“This follows a 7.1 million barrel build in the prior week, with the crude balance again realizing significantly looser than our expectations,” the strategists stated in that report.
To contact the author, email andreas.exarheas@rigzone.com
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