USA Crude Oil Stocks Rise 8.7MM Barrels Week on Week

U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve (SPR), increased by 8.7 million barrels from the week ending November 10 to the week ending November 17, according to the U.S. Energy Information Administration’s (EIA) latest weekly petroleum status report.

Crude oil stocks in the country, not including the SPR, stood at 448.1 million barrels on November 17, 439.4 million barrels on November 10, and 431.7 million barrels on November 18, 2022, the report, which was released on November 22, revealed.

Crude oil in the SPR stood at 351.3 million barrels on November 17 and November 10, and 390.5 million barrels on November 18, 2022, the report showed.

Total petroleum stocks in the U.S. – including crude oil, total motor gasoline, fuel ethanol, kerosene type jet fuel, distillate fuel oil, residual fuel oil, propane/propylene, and other oils – came in at 1.619 billion barrels on November 17, the report revealed. This figure was up 4.5 million barrels week on week and up 8.8 million barrels year on year, the report outlined.

“At 448.1 million barrels, U.S. crude oil inventories are about one 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 0.7 million barrels from last week and are about two percent below the five year average for this time of year. Both finished gasoline and blending components inventories increased last week,” it added.

“Distillate fuel inventories decreased by 1.0 million barrels last week and are about 13 percent below the five year average for this time of year. Propane/propylene inventories decreased by 0.5 million barrels from last week and are 17 percent above the five year average for this time of year,” the EIA continued.

In the report, the EIA highlighted that U.S. crude oil refinery inputs averaged 15.5 million barrels per day during the week ending November 17, which it noted was 106,000 barrels per day more than the previous week’s average.

“Refineries operated at 87.0 percent of their operable capacity last week,” the EIA said in the report.

“Gasoline production decreased last week, averaging 9.4 million barrels per day. Distillate fuel production increased 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, according to the report, which highlighted that this figure increased by 156,000 barrels per day from the previous week.

“Over the past four weeks, crude oil imports averaged about 6.4 million barrels per day, 1.7 percent more than the same four-week period last year,” the EIA stated in the report.

“Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 593,000 barrels per day, and distillate fuel imports averaged 75,000 barrels per day,” it added.

Total products supplied over the last four-week period averaged 20.4 million barrels a day, the report outlined. This was down by 1.2 percent from the same period last year, according to the report.

“Over the past four weeks, motor gasoline product supplied averaged 8.9 million barrels a day, up by 2.5 percent from the same period last year,” the EIA said in the report.

“Distillate fuel product supplied averaged 4.1 million barrels a day over the past four weeks, up by 0.5 percent from the same period last year. Jet fuel product supplied was up 13.6 percent compared with the same four-week period last year,” it added.

In a separate report sent to Rigzone on Monday, prior to the release of the EIA’s latest weekly petroleum status report, Macquarie strategists revealed that they were forecasting that U.S. crude inventories would be up 4.8 million barrels for the week ending November 17.

“This compares to a 3.6 million barrel build for the week ending November 10, with the total U.S. crude balance realizing looser than we had anticipated,” the strategists said in the report.

“Those figures were delivered alongside stats for the week ending November 3, which greatly diverged from our expectations, with a much looser crude balance and much tighter products balance than we had anticipated,” they added.

“Of course, the surprisingly large crude build across these two weeks could inject further uncertainty/volatility into this week’s stats, potentially swinging the pendulum back towards a tighter than expected balance, in theory,” the strategists continued.

“In any event, our balances point to another meaningful U.S. crude build, even as we expect crude runs to show a healthy recovery (+0.8 million barrels per day),” they went on to note.

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




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