EIA: Rude Oil Inventories Up 3.6M Barrels, Defy 2.6M Scheme Estimate

Rude Oil Refinery Inputs

U.S. crude oil refinery inputs averaged 16.5 million barrels per day for the week ending June 21, 2024, marking a decrease of 234,000 barrels per day when compared with the previous week. Refineries operated at 92.2% of their operable capacity. Gas manufacturing noticed a decline, averaging 9.9 million barrels per day, whereas distillate gas manufacturing rose to an practical of 4.9 million barrels per day.

Rude Oil and Product Imports

The US imported an practical of 6.6 million barrels of crude oil per day closing week, a low cost of 443,000 barrels per day from the preceding week. Nonetheless, over the final four weeks, crude oil imports averaged 7.3 million barrels per day, reflecting a 13.7% lengthen from the same length closing year. Motor gas imports, including accomplished gas and mixing ingredients, averaged 762,000 barrels per day. Distillate gas imports averaged 133,000 barrels per day.

Merchandise Supplied

Entire merchandise equipped over the closing four weeks averaged 20.4 million barrels per day, a exiguous lengthen of 0.8% from the same length closing year. Motor gas product equipped averaged 9.1 million barrels per day, a 2.0% decrease from closing year. Distillate gas product equipped averaged 3.6 million barrels per day, down by 1.0%. Jet gas product equipped noticed a marginal lengthen of 0.1% when compared with the same four-week length closing year.

Market Forecast

The files suggests a blended outlook for the crude oil market. The lengthen in industrial crude oil inventories coupled with a decline in refinery inputs and gas manufacturing signifies capacity downward stress on crude prices. Nonetheless, the upward thrust in distillate gas manufacturing and stable product present metrics offer some bullish counterpoints. Total, the market sentiment appears to be like cautiously bearish, with stock builds and reduced quiz likely exerting stress on prices in the terminate to term.

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