U.S. commercial crude inventories, excluding those in the Strategic Petroleum Reserve, fell by 2.1 million barrels from the week ended Sept. 8 to the week ended Sept. 15, according to the latest weekly report on the state of oil from the US Energy Information Administration (EIA).
The country’s crude oil stocks, excluding the Strategic Petroleum Reserve, stood at 418.5 million barrels on September 15, 420.6 million barrels on September 8 and 430.8 million barrels on September 16 of 2022, according to the report.
“At 418.5 million barrels, U.S. crude inventories are about three percent below the five-year average for this time of year,” the EIA said in the latest report weekly on the state of oil.
Crude oil in the Strategic Petroleum Reserve reached 351.2 million barrels on September 15, 350.6 million barrels on September 8 and 427.2 million barrels on September 16, 2022, according to report
In its latest report, the EIA noted that total motor gasoline inventories fell by 0.8 million barrels from September 8 to 15 and noted that they are about three percent below of the five-year average for this time of year.
“Finished gasoline inventories rose, while blending component inventories declined last week. Distillate fuel inventories fell by 2.9 million barrels last week and are around 14 percent below the five-year average for this time of year,” the report states.
“Propane/propylene inventories rose 1.6 million barrels from last week and are 20 percent above the five-year average for this time of year. Total commercial oil inventories rose by 3.0 million barrels last week,” he added.
Inputs from U.S. crude refineries averaged 16.3 million barrels per day in the week ended Sept. 15, which was 496,000 barrels per day less than the previous week’s average, it said. reveal the report.
“Refineries operated at 91.9 percent of their operating capacity last week,” the report said.
“Gasoline production rose last week, averaging 9.7 million barrels per day. Distillate fuel production fell last week, averaging 4.8 million barrels per day,” he add.
As for U.S. crude imports, the report revealed that they averaged 6.5 million barrels per day last week and were down 1.1 million barrels per day from the previous week. .
“Over the past four weeks, crude oil imports averaged about 6.9 million barrels per day, up 7.9 percent from the same four-week period last year,” said the EIA in the report.
“Total motor gasoline imports (including finished gasoline and gasoline blending components) last week averaged 511,000 barrels per day, and distillate fuel imports averaged 83,000 barrels per day day,” he added.
Total supplies over the past four weeks averaged 20.9 million barrels per day, up 6.8 percent from the same period last year, the EIA report said.
“Over the past four weeks, supplies of motor gasoline products averaged 8.8 million barrels per day, up 2.8 percent from the same period last year,” he added.
“The distillate fuel product supplied averaged 3.8 million barrels per day over the past four weeks, up 11.5 percent from the same period last year. The fuel product for aircraft supplied increased by 14.2 percent compared to the same four-week period last year,” he continued.
The national average retail price for regular gasoline was $3.878 per gallon on Sept. 18, up $0.056 from a week ago and up $0.224 from last year’s price, the EIA report said.
The national average retail diesel price rose to $4.633 a gallon, up $0.093 from a week ago but down $0.331 from the price a year ago, it added.
According to the AAA Gas Prices website, as of Sept. 21, the national average price for regular gasoline is $3.867 per gallon and the national average price for diesel is $4.583 per gallon.
In a report sent to Rigzone this week, Macquarie strategists projected US crude inventories to fall 0.7 million barrels for the week ending September 15.
“This follows a build of 4.0 million barrels for the week ended September 8, with the total balance of US crude coming in slightly tighter than we had expected,” strategists said in the report
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