U.S. crude oil inventories, excluding those in the Strategic Petroleum Reserve (SPR), dropped by 2 million barrels for the week ending January 10, according to the latest data from the U.S. Energy Information Administration (EIA). The inventories stood at 412.7 million barrels, down from 414.6 million barrels the previous week.
Crude oil in the SPR was reported at 394.3 million barrels on January 10, up slightly from 393.8 million barrels on January 3. The EIA noted that data may not always add up to totals due to rounding.
Total U.S. petroleum stocks, including crude oil and various refined products, stood at 1.625 billion barrels on January 10. This was a decrease of 2.9 million barrels from the prior week, but an increase of 6.6 million barrels compared to the same time last year. The EIA pointed out that crude oil inventories were about 6% lower than the five-year average for this period.
Motor gasoline inventories saw an increase of 5.9 million barrels from the previous week, though they remain slightly below the five-year average for this time of year. The EIA also noted increases in both finished gasoline and blending component inventories.
Distillate fuel inventories rose by 3.1 million barrels but are still about 4% lower than the five-year average. Meanwhile, propane/propylene inventories fell by 4.7 million barrels, yet remain 7% higher than the five-year average.
U.S. crude oil refinery inputs averaged 16.6 million barrels per day for the week ending January 10, a decrease of 255,000 barrels per day from the prior week. Refineries operated at 91.7% of their available capacity.
Gasoline production increased, averaging 9.3 million barrels per day, while distillate fuel production dropped to 5.2 million barrels per day.
U.S. crude oil imports averaged 6.1 million barrels per day, a decrease of 304,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged 6.5 million barrels per day, down 3.3% compared to the same period last year.
Motor gasoline imports averaged 450,000 barrels per day, while distillate fuel imports came in at 219,000 barrels per day.
Total products supplied over the past four weeks averaged 20.2 million barrels per day, up 1.1% from last year. Motor gasoline product supplied increased by 0.8%, averaging 8.5 million barrels per day. Distillate fuel product supplied rose 5.8%, averaging 3.6 million barrels per day, while jet fuel product supplied increased by 6.4%.
Bjarne Schieldrop, chief commodities analyst at Skandinaviska Enskilda Banken AB (SEB), pointed out that U.S. crude stocks fell by 2 million barrels, reaching their lowest level since April 2022. He also noted that U.S. crude stocks have dropped for 17 consecutive weeks, totaling 17.6 million barrels.
Meanwhile, Macquarie analysts had initially forecasted a 3 million barrel increase in U.S. crude inventories for the week ending January 10.
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