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U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve (SPR), decreased by 2.2 million barrels from the week ending September 22 to the week ending September 29, according to the U.S. Energy Information Administration’s (EIA) latest weekly petroleum status report.
The country’s crude oil stocks, not including the SPR, stood at 414.1 million barrels on September 29, 416.3 million barrels on September 22, and 429.2 million barrels on September 30, 2022, the report, which was released on October 4, revealed.
“At 414.1 million barrels, U.S. crude oil inventories are about five percent below the five year average for this time of year,” the EIA noted in the report.
The EIA report highlighted that SPR stocks stood at 351.3 million barrels on September 29, 351.0 million barrels on September 22, and 416.4 million barrels on September 30, 2022.
It also revealed that total U.S. petroleum stocks – including crude oil, motor gasoline, fuel ethanol, kerosene type jet fuel, distillate fuel oil, residual fuel oil, propane/propylene, and other oils – stood at 1.623 billion barrels on September 29. This was up 4.9 million barrels from the prior week, the report outlined.
“Total motor gasoline inventories increased by 6.5 million barrels from last week and are about one percent above the five year average for this time of year,” the EIA said in its latest weekly petroleum status report.
“Both finished gasoline and blending components inventories increased last week. Distillate fuel inventories decreased by 1.3 million barrels last week and are about 13 percent below the five year average for this time of year,” it added.
“Propane/propylene inventories slightly decreased from last week and are 18 percent above the five year average for this time of year. Total commercial petroleum inventories increased by 4.6 million barrels last week,” it continued.
U.S. crude oil refinery inputs averaged 15.6 million barrels per day during the week ending September 29, according to the report, which highlighted that this was 463,000 barrels per day less than the previous week’s average.
“Refineries operated at 87.3 percent of their operable capacity last week,” the EIA said in the report.
“Gasoline production decreased last week, averaging 8.8 million barrels per day. Distillate fuel production decreased last week, averaging 4.7 million barrels per day,” it added.
The report noted that U.S. crude oil imports averaged 6.2 million barrels per day last week, highlighting that this figure had decreased by 1.0 million barrels per day from the previous week.
“Over the past four weeks, crude oil imports averaged about 6.9 million barrels per day, 9.6 percent more than the same four-week period last year,” the EIA report stated.
“Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 919,000 barrels per day, and distillate fuel imports averaged 85,000 barrels per day,” it added.
Total products supplied over the last four-week period averaged 20.3 million barrels a day, the report revealed. That figure was up by 1.7 percent from the same period last year, the report outlined.
“Over the past four weeks, motor gasoline product supplied averaged 8.3 million barrels a day, down by 5.0 percent from the same period last year,” the EIA report said.
“Distillate fuel product supplied averaged 3.9 million barrels a day over the past four weeks, up by 4.8 percent from the same period last year. Jet fuel product supplied was up 10.6 percent compared with the same four-week period last year,” it added.
The EIA report highlighted that the price for West Texas Intermediate (WTI) crude oil was $90.77 per barrel on September 29. The report outlined that this was $0.77 more than the previous week’s price and $10.86 higher than the year-ago price.
At the time of writing, the price of WTI is trading at $83.40 per barrel. The commodity rose from a close of $67.7 per barrel on June 27 to $93.68 per barrel on September 27, but since dropped to close at $84.22 per barrel on October 4.
The national average retail price for regular gasoline was $3.798 per gallon on October 2, the report outlined. That was $0.039 less than the prior week, but $0.016 higher than the price last year, the report highlighted.
As of October 5, the average price of regular gasoline in the U.S. is $3.768 per gallon, according to the AAA Gas Prices website. Yesterday’s average was $3.785 per gallon, the week ago average was $3.835 per gallon, the month ago average was $3.811 per gallon, and the year ago average was $3.831 per gallon, the site shows.
In a report sent to Rigzone on Monday, strategists at Macquarie revealed that they were forecasting that U.S. crude inventories would be down 3.0 million barrels for the week ending September 29.
“This follows a 2.2 million barrel draw for the week ending September 22, with the total U.S. crude balance realizing significantly looser than we anticipated, more than offsetting tighter than expected balances in the prior two weeks,” the strategists said in the report.
In the Macquarie report, the strategists also modeled no change in SPR inventory on the week, “given uncertainty around precise inventory movements from recently varying EIA/Department of Energy (DOE) data”.
To contact the author, email andreas.exarheas@rigzone.com
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