USA Crude Oil Inventories Rise by 3.5MM Barrels Week on Week

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USA Crude Oil Inventories Rise by 3.5MM Barrels Week on Week

U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve (SPR), increased by 3.5 million barrels from the week ending May 2 to the week ending May 9, the U.S. Energy Information Administration (EIA) highlighted in its latest weekly petroleum status report. That EIA report was released on May 14 and included data […]

That EIA report was released on May 14 and included data for the week ending May 9. The report showed that crude oil stocks, not including the SPR, stood at 441.8 million barrels on May 9, 438.4 million barrels on May 2, and 457.0 million barrels on May 10, 2024. The EIA report highlighted that data may not add up to totals due to independent rounding.

Crude oil in the SPR stood at 399.7 million barrels on May 9, 399.1 million barrels on May 2, and 367.8 million barrels on May 10, 2024, the report outlined. 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 1.617 billion barrels on May 9, the report showed. Total petroleum stocks were up 5.4 million barrels week on week and up 7.0 million barrels year on year, the report revealed.

“At 441.8 million barrels, U.S. crude oil inventories are about six percent below the five year average for this time of year,” the EIA stated in its latest weekly petroleum status report.

“Total motor gasoline inventories decreased by one million barrels from last week and are about three percent below the five year average for this time of year. Finished gasoline inventories increased and blending components inventories decreased last week,” it added.

“Distillate fuel inventories decreased by 3.2 million barrels last week and are about 16 percent below the five year average for this time of year. Propane/propylene inventories increased by 2.2 million barrels from last week and are nine percent below the five year average for this time of year,” it went on to state.

U.S. crude oil refinery inputs averaged 16.4 million barrels per day during the week ending May 9, the EIA noted in its latest report. It highlighted that this was 330,000 barrels per day more than the previous week’s average.

“Refineries operated at 90.2 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 decreased by 69,000 barrels per day last week, averaging 4.6 million barrels per day,” it added.

U.S. crude oil imports averaged 5.8 million barrels per day last week, according to the EIA report, which pointed out that this was a decrease of 214,000 barrels per day from the previous week.

“Over the past four weeks, crude oil imports averaged about 5.7 million barrels per day, 14.8 percent less 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 822,000 barrels per day, and distillate fuel imports averaged 179,000 barrels per day,” it added.

Total products supplied over the last four-week period averaged 19.9 million barrels a day, the EIA said in its latest weekly petroleum status report. It pointed out that this figure was down by 1.2 percent from the same period last year.

“Over the past four weeks, motor gasoline product supplied averaged nine million barrels a day, up by 3.8 percent from the same period last year,” the EIA added in its report.

“Distillate fuel product supplied averaged 3.7 million barrels a day over the past four weeks, up by 1.4 percent from the same period last year. Jet fuel product supplied was up 6.4 percent compared with the same four-week period last year,” it went on to state.

In an oil report sent to Rigzone by the Skandinaviska Enskilda Banken AB (SEB) team on Thursday, Ole R. Hvalbye, a Commodities Analyst at the company, said “EIA data released … [Wednesday] showed U.S. crude inventories unexpectedly rose 3.45 million barrels with a drop in exports and despite a larger than expected increase in refinery runs”.

Hvalbye outlined in the report that, overall, the EIA’s latest weekly petroleum status report was “neutral … with limited immediate price impacts”.

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