
U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve (SPR), increased by 7.7 million barrels from the week ending July 18 to the week ending July 25, the U.S. Energy Information Administration (EIA) highlighted in its latest weekly petroleum status report.
That report was released on July 30 and included data for the week ending July 25. It showed that crude oil stocks, not including the SPR, stood at 426.7 million barrels on July 25, 419.0 million barrels on July 18, and 433.0 million barrels on July 26, 2024. Crude oil in the SPR stood at 402.7 million barrels on July 25, 402.5 million barrels on July 18, and 375.1 million barrels on July 26, 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 1.660 billion barrels on July 25, the report highlighted. Total petroleum stocks were up 7.3 million barrels week on week and down 3.6 million barrels year on year, the report showed.
“At 426.7 million barrels, U.S. crude oil inventories are about six 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 decreased by 2.7 million barrels from last week and are about one percent below the five year average for this time of year. Finished gasoline inventories increased, while blending components inventories decreased last week,” it added.
“Distillate fuel inventories increased by 3.6 million barrels last week and are about 16 percent below the five year average for this time of year. Propane/ propylene inventories increased by 1.1 million barrels from last week and are nine percent above the five year average for this time of year,” it continued.
U.S. crude oil refinery inputs averaged 16.9 million barrels per day during the week ending July 25, according to the report, which highlighted that this was 25,000 barrels per day less than the previous week’s average.
“Refineries operated at 95.4 percent of their operable capacity last week,” the EIA said in its report.
“Gasoline production increased last week, averaging 10.0 million barrels per day. Distillate fuel production increased by 131,000 barrels per day last week, averaging 5.2 million barrels per day,” it added.
U.S. crude oil imports averaged 6.1 million barrels per day last week, the report noted. It pointed out that this was an increase of 159,000 barrels per day from the previous week.
“Over the past four weeks, crude oil imports averaged about 6.1 million barrels per day, 11.3 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 691,000 barrels per day, and distillate fuel imports averaged 229,000 barrels per day,” it added.
Total products supplied over the last four-week period averaged 20.8 million barrels a day, up by 1.5 percent from the same period last year, the EIA stated in its report.
“Over the past four weeks, motor gasoline product supplied averaged 8.9 million barrels a day, down by 3.0 percent from the same period last year,” it said.
“Distillate fuel product supplied averaged 3.5 million barrels a day over the past four weeks, down by 4.1 percent from the same period last year. Jet fuel product supplied was up 8.8 percent compared with the same four-week period last year,” it went on to note.
In an oil and gas report sent to Rigzone by the Macquarie team late Monday, Macquarie strategists, including Walt Chancellor, revealed that they were forecasting that U.S. crude inventories would be up by 4.7 million barrels for the week ending July 25.
“This follows a 3.2 million barrel draw in the prior week, with the crude balance realizing looser than our expectations,” the strategists said in that report.
In a weekly petroleum status report released on July 23, which showed data for the week ending July 18, the EIA highlighted that U.S. commercial crude oil inventories, excluding those in the SPR, decreased by 3.2 million barrels from the week ending July 11 to the week ending July 18.
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