USA Crude Oil Stocks Rise More Than 8MM Barrels WoW

U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve (SPR), increased by 8.5 million barrels from the week ending January 30 to the week ending February 6.

That’s what the U.S. Energy Information Administration (EIA) highlighted in its latest weekly petroleum status report, which was released on Wednesday and included data for the week ending February 6.

According to the EIA report, crude oil stocks, not including the SPR, stood at 428.8 million barrels on February 6, 420.3 million barrels on January 30, and 427.9 million barrels on February 7, 2025. Crude oil in the SPR stood at 415.2 million barrels on February 6, 415.2 million barrels on January 30, and 395.3 million barrels on February 7, 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 1.689 billion barrels on February 6, the report highlighted. Total petroleum stocks were down 1.7 million barrels week on week and up 81.9 million barrels year on year, the report pointed out.

“At 428.8 million barrels, U.S. crude oil inventories are about three 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 1.2 million barrels from last week and are about four percent above the five year average for this time of year. Finished gasoline inventories decreased, while blending components inventories increased last week,” it added.

“Distillate fuel inventories decreased by 2.7 million barrels last week and are about four percent below the five year average for this time of year. Propane/propylene inventories decreased 5.4 million barrels from last week and are about 36 percent above the five year average for this time of year,” it continued.

U.S. crude oil refinery inputs averaged 16.0 million barrels per day during the week ending February 6, according to the EIA report, which noted that this was 29,000 barrels per day less than the previous week’s average.

“Refineries operated at 89.4 percent of their operable capacity last week,” the EIA said in its report.

“Gasoline production increased last week, averaging 9.1 million barrels per day. Distillate fuel production increased by 45,000 barrels per day last week, averaging 4.9 million barrels per day,” it added.

U.S. crude oil imports averaged 6.8 million barrels per day last week, the report noted, pointing out that this was an increase of 604,000 barrels per day from the previous week.

“Over the past four weeks, crude oil imports averaged about 6.3 million barrels per day, 5.0 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 365,000 barrels per day, and distillate fuel imports averaged 151,000 barrels per day,” it added.

Total products supplied over the last four-week period averaged 20.8 million barrels per day, 2.4 percent above the same period last year, the EIA stated in its report.

“Over the past four weeks, motor gasoline product supplied averaged 8.3 million barrels per day, 0.7 percent below the same period last year,” it added.

“Distillate fuel product supplied averaged 4.1 million barrels per day over the past four weeks, down by 3.2 percent from the same period last year. Jet fuel product supplied was down 2.3 percent compared with the same four-week period last year,” it continued.

In a Skandinaviska Enskilda Banken AB (SEB) report sent to Rigzone on Thursday, SEB Commodities Analyst Ole R. Hvalbye outlined that “a sizeable build in U.S. commercial crude inventories added … downside pressure” to Brent.

“U.S commercial crude inventories rose by 8.5 million barrels last week to 428.8 million barrels – that is a strong build, yet still below the API forecast of 13.4 million barrels from Tuesday,” Hvalbye said in the report.

“Inventories now remain … [around] three percent below the five-year seasonal avg. i.e., inventories are rising, but we are not swimming in crude just yet,” he added.

“Gasoline stocks increased by 1.2 million barrels and now sit about four percent above the five-year average. Distillates moved the other way, falling 2.7 million barrels and remaining around four percent below seasonal norms,” he continued.

“Total commercial petroleum inventories fell 1.7 million barrels in the week, as product draws partly offset the crude build,” he noted.

Hvalbye went on to highlighted in the report that refinery runs “edged slightly lower to 16.0 million barrels per day, with utilization at 89.4 percent.

“Crude imports rebounded by 0.6 million barrels per day to 6.8 million barrels per day, likely contributing to the crude build. Over the past four weeks, imports remain about five percent below last year,” he said.

Hvalbye went on to state that demand signals were mixed.

“Total products supplied averaged 20.8 million barrels per day over the last four weeks, up 2.4 percent YoY,” he said.

“Gasoline demand was slightly softer (-0.7 percent YoY), distillates weaker (-3.2 percent YoY), while jet fuel remains under pressure (-2.3 percent YoY),” he added.

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