US commercial crude inventories, excluding those in the Strategic Petroleum Reserve (SPR), fell by 2.2 million barrels from the week ended September 22 to the week ended September 29. September, according to the latest weekly report on the state of oil from the US Energy Information Administration (EIA). .
The country’s crude oil inventories, excluding the SPR, stood at 414.1 million barrels on September 29, 416.3 million barrels on September 22 and 429.2 million barrels on September 30. 2022, revealed the report, which was published on October 4.
“At 414.1 million barrels, U.S. crude inventories are about five percent below the five-year average for this time of year,” the EIA noted in the report.
The EIA report noted that SPR inventories stood at 351.3 million barrels on September 29, 351.0 million barrels on September 22 and 416.4 million barrels on September 30 of 2022.
It also revealed that total U.S. oil stocks – including crude oil, gasoline, ethanol, kerosene jet fuel, distillate fuel oil, residual fuel oil, propane/propylene and other oils – stood at at 1.623 million barrels on September 29. rose 4.9 million barrels from the previous week, the report said.
“Total motor gasoline inventories increased by 6.5 million barrels from last week and are about one percent above the five-year average for this time of year,” said the ‘EIA in its latest weekly report on the state of oil.
“Inventories of both finished gasoline and blending components rose last week. Distillate fuel inventories decreased by 1.3 million barrels last week and are about 13 percent below the average of five years for this time of year,” he added.
“Propane/propylene inventories were down slightly from last week and are 18 percent above the five-year average for this time of year. Total commercial oil inventories rose 4.6 million barrels last week,” he continued.
Inputs from U.S. crude refineries averaged 15.6 million barrels per day in the week ended Sept. 29, the report said, noting that this was 463,000 barrels per day less than the average of the previous week.
“Refineries operated at 87.3 percent of their operating capacity last week,” the EIA said in the report.
“Gasoline production fell last week, averaging 8.8 million barrels per day. Distillate fuel production fell last week, averaging 4.7 million barrels per day,” he add.
The report noted that US crude imports averaged 6.2 million barrels per day last week, noting that this figure had decreased by 1.0 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 9.6 percent from the same four-week period last year,” said the EIA report.
“Total motor gasoline imports (including finished gasoline and gasoline blending components) last week averaged 919,000 barrels per day, and distillate fuel imports averaged 85,000 barrels per day day,” he added.
Total products supplied over the past four weeks averaged 20.3 million barrels per day, the report revealed. That figure was up 1.7 percent from the same period last year, according to the report.
“Over the past four weeks, motor gasoline product supplies averaged 8.3 million barrels per day, down 5.0 percent from the same period last year,” the report said of the EIA.
“Supplied distillate fuel product averaged 3.9 million barrels per day over the past four weeks, up 4.8 percent from the same period last year. Fuel product for aircraft supplied increased by 10.6 percent compared to the same four-week period last year,” he added.
The EIA report noted that the price of West Texas Intermediate (WTI) crude oil was $90.77 a barrel on September 29. The report highlighted that it was $0.77 higher than the previous week’s price and $10.86 higher than the year-ago price.
At the time of writing, the price of WTI is trading at $83.40 per barrel. The commodity went from a close of $67.7 a barrel on June 27 to $93.68 a barrel on September 27, but has since fallen to close at $84.22 a barrel on the 4th October
The national average retail price for regular gasoline was $3.798 per gallon on Oct. 2, according to the report. That was $0.039 less than the previous week, but $0.016 more than last year’s price, the report noted.
As of Oct. 5, the average price of regular gasoline in the U.S. is $3.768 per gallon, according to the website AAA Gas Prices. Yesterday’s average was $3.785 per gallon, last week’s average was $3.835 per gallon, last month’s average was $3.811 per gallon, and last year’s average was $3.831 per gallon , show the site.
In a report sent to Rigzone on Monday, Macquarie strategists revealed they were forecasting US crude inventories to fall 3.0 million barrels for the week ending September 29.
“This follows a 2.2 million barrel draw for the week ended Sept. 22, with total U.S. crude stocks realizing significantly looser than we anticipated, more than offsetting tighter balances than expected in the previous two weeks,” strategists said in the report.
In the Macquarie report, strategists also modeled no change in SPR inventory during the week, “given uncertainty about precise inventory movements from EIA/Department of Energy (DOE) data that changed recently.”
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