US commercial crude inventories, excluding those in the Strategic Petroleum Reserve (SPR), fell by 6.3 million barrels from the week ended Aug. 25 to the week ended September 1, showed the latest report on the state of oil from the US Energy Information Administration (EIA).
The country’s crude oil inventories, excluding the SPR, stood at 416.6 million barrels on September 1, 422.9 million barrels on August 25 and 427.2 million barrels on August 2. September 2022, according to the report.
“At 416.6 million barrels, U.S. crude inventories are about four percent below the five-year average for this time of year,” the EIA noted in the report.
In a report released on Aug. 30, the EIA revealed that US commercial crude inventories, excluding SPR, fell by 10.6 million barrels from the week ended Aug. 18. August until the week ending August 25. In the previous report, published on August 30. On August 23, the EIA noted that inventories fell by 6.1 million barrels from the week ending August 11 to the week ending August 18.
SPR crude stocks stood at 350.3 million barrels on September 1, 349.5 million barrels on August 25 and 442.5 million barrels on September 2, 2022, it noted latest EIA report.
According to that report, total motor gasoline inventories decreased by 2.7 million barrels and are about five percent below the five-year average for this time of year. Inventories of finished gasoline and blending components declined, distillate fuel inventories increased by 0.7 million barrels and propane/propylene inventories increased by 0.5 million barrels, the report revealed . Total commercial oil inventories rose by 0.4 million barrels, the EIA report noted.
Inflows from U.S. crude oil refineries averaged 16.6 million barrels per day in the week ended Sept. 1, the report said, adding that this was 20,000 barrels per day day more than the average of the previous week.
“Refineries operated at 93.1 percent of their operating capacity last week,” the report said.
Gasoline production fell last week, averaging 9.8 million barrels per day, while distillate fuel production fell last week, averaging 5.0 million barrels per day , the EIA report noted.
US crude imports averaged 6.8 million barrels per day last week and rose 154,000 barrels per day from the previous week, the report revealed.
“Over the past four weeks, crude oil imports averaged about 6.9 million barrels per day, up 9.7% from the same four-week period last year,” the report said.
“Total motor gasoline imports (including finished gasoline and gasoline blending components) last week averaged 982,000 barrels per day, and distillate fuel imports averaged 130,000 barrels per day “, added.
Total supplies over the past four weeks averaged 21.1 million barrels per day, according to the report, which noted that this was up 4.9 percent from the same period last year. .
“Over the past four weeks, motor gasoline product supplies averaged 9.0 million barrels per day, up 3.0 percent from the same period last year,” the report said .
“Distillate fuel product supplied averaged 3.8 million barrels per day over the past four weeks, up 0.3% from the same period last year. Jet fuel product supplied was up 3.2 percent compared to the same four-week period last year,” he added.
In a report sent to Rigzone this week, ahead of the release of the EIA’s latest state of oil report, Macquarie strategists revealed they were forecasting US crude inventories to fall 8.5 million barrels for the week ending September 1.
“This follows a draw of 10.6 million barrels for the week ended August 25, with the total US crude oil balance coming in a bit tighter than we had expected,” the strategists said in the report.
“While we have seen notable week-to-week volatility, since the end of June, the observed US crude total has roughly matched our weekly estimates overall,” they added.
In the report, strategists highlighted that, from refineries, “a further step down in crude runs (-0.3 MBD)” was being sought.
“Among net imports, we look for moderately higher exports in nominal terms (+0.4 MBD) and effectively flat imports; on the former, we note again that the export schedule could inject some volatility into this week’s statistics,” they added.
“Based on implied domestic supply (prod. + adj.), we look for a moderate week-on-week increase (+0.4 MBD). To complete the picture, we anticipate another small increase in SPR inventory on the week (+0.8MM BBL),” the strategists continued to note.
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