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U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve (SPR), decreased by 4.5 million barrels from the week ending October 6 to the week ending October 13, according to the latest weekly petroleum status report from the U.S. Energy Information Administration (EIA).
Crude oil stocks in the U.S., not including the SPR, stood at 419.7 million barrels per day on October 13, 424.2 million barrels per day on October 6, and 437.4 million barrels per day on October 14, 2022, the report revealed.
Crude oil in the SPR stood at 351.3 million barrels per day on October 13 and October 6, and at 405.1 million barrels per day on October 14, 2022, the report highlighted.
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 1.617 billion barrels on October 13. This was down 11.9 million barrels from the prior week, the report outlined.
“At 419.7 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.
“Total motor gasoline inventories decreased by 2.4 million barrels from last week and are slightly above the five year average for this time of year. Both Finished gasoline and blending components inventories decreased last week,” the EIA added.
“Distillate fuel inventories decreased by 3.2 million barrels last week and are about 12 percent below the five year average for this time of year. Propane/propylene inventories increased by 0.8 million barrels from last week and are 18 percent above the five year average for this time of year,” it continued.
U.S. crude oil refinery inputs averaged 15.4 million barrels per day during the week ending October 13, the EIA highlighted in the report, adding that this was 192,000 barrels per day more than the previous week’s average.
“Refineries operated at 86.1 percent of their operable capacity last week,” the EIA said in the report.
“Gasoline production increased last week, averaging 9.8 million barrels per day. Distillate fuel production decreased last week, averaging 4.7 million barrels per day,” it added.
U.S. crude oil imports were said to have averaged 5.9 million barrels per day last week, which the EIA outlined was a decrease of 387,000 barrels per day from the previous week.
“Over the past four weeks, crude oil imports averaged about 6.4 million barrels per day, 5.5 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 706,000 barrels per day, and distillate fuel imports averaged 77,000 barrels per day,” it added.
Total products supplied over the last four-week period averaged 20.2 million barrels a day, according to the EIA report. This was down by 0.9 percent from the same period last year, the report revealed.
“Over the past four weeks, motor gasoline product supplied averaged 8.5 million barrels a day, down by 3.1 percent from the same period last year,” the EIA said in the report.
“Distillate fuel product supplied averaged 4.0 million barrels a day over the past four weeks, down by 5.1 percent from the same period last year. Jet fuel product supplied was down 0.2 percent compared with the same four-week period last year,” it added.
In a report sent to Rigzone on Monday, prior to the release of the EIA’s latest weekly petroleum status report, Macquarie strategists projected that U.S. crude inventories would be down 0.8 million barrels for the week ending October 13.
“This follows a 10.2 million barrel build for the week ending October 6, with the total U.S. crude balance realizing modestly looser than we anticipated,” the strategists said in the report.
“Moving to this week, from refineries, we model yet another reduction in crude runs (-0.1 MBD). Among net imports, we look for a very large week on week decrease, with exports sharply higher on a nominal basis (+1.6 MBD) and imports moderately lower (-0.4 MBD),” they added.
“From implied domestic supply (prod. + adj.), we look for a bounce (+0.3 MBD) this week. Rounding out the picture, we again anticipate no change in SPR inventory on the week,” they continued.
In the report, the strategists noted that, at Cushing, their refinery/pipeline model was calling for a draw of 0.15 million barrels this week.
“Among products, we again look for large draws in gasoline (-2.3 million barrels) and distillate (-4.5 million barrels), with jet stocks slightly lower (-0.2 million barrels),” they said in the report.
“We model implied demand for these three products at ~14.0 MBD compared to 13.7 MBD last week and a trailing four-week avg. of 13.9 MBD,” the strategists added.
To contact the author, email andreas.exarheas@rigzone.com
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