Oil stockpiles in the US rose against analysts’ expectations over the past week, posting the first increase in 5 weeks.
The weekly report published by Energy information management American, today, Wednesday (December 14, 2022) – Crude inventories increased by 10.2 million barrels during the week ended December 9, bringing the total to 424.1 million barrels.
Standard & Poor’s Global forecasts were for a decline in US oil inventories of 3.5 million barrels, according to its monitors. Energy Research Unit.
withdraw strategic reserve Oil inventories rose by 4.7 million barrels, bringing the total to 382.3 million barrels, according to the report.
This means that if not for the strategic reserve drawdown, US commercial oil stocks would have increased by 5.5 million barrels, but the impact on markets depends on the change in commercial stock, according to what has been monitored by the Energy Research Unit.
Under a law passed by the US Congress, drawdowns from the strategic reserve usually occur, with the goal of mitigating the budget deficit by covering the reserve’s annual sales and operating costs.
US oil stocks
Rising US oil inventories have come, with a decrease in US crude inputs RefineriesCoinciding with rising crude oil imports and exports, according to the report, which was followed up by the Energy Research Unit.
U.S. oil exports increased by 886,000 bpd to 4.316 million bpd, and imports increased by 855,000 bpd to 6.867 million bpd in the past week.
This means that net oil imports from the United States – which includes the Strategic Reserve – fell by 31,000 barrels a day last week, to 2.551 million barrels a day.
The “energy” platform typically ignores US oil production data, which forms part of its weekly crude inventories reports, because it depends on future expectations and does not reflect actual levels.
The chart below shows U.S. crude oil production from early 2019 through September 2022, according to the latest data from the Energy Information Administration.:
US gasoline inventories
The shares are up benzene In the United States of about 4.5 million barrels in the last week, to reach 223.6 million barrels.
The shares also rose distillers -which includes diesel, heating fuel and others- by 1.4 million barrels, to reach the record figure of 120.2 million barrels.
Analyst estimates indicated an increase in gasoline and distillate inventories of 3.2 and 2.5 million barrels, respectively.
consumption of petroleum derivatives
Consumption has increased Petroleum derivatives In the United States, 330 thousand barrels per day, to reach 19.956 million barrels per day in the last week.
This is due to the increase in the consumption of jet fuel and distillates in America, by 377 and 218 thousand barrels per day, respectively, while the consumption of gasoline decreased by 103 thousand barrels per day.
Compared to the average of the last 4 weeks on an annual basis, total consumption of petroleum derivatives decreased by 6.9%, with consumption of gasoline and distillates by 9% and 13.2%, respectively.
While jet fuel consumption in the United States has increased by 5.5% in the last 4 weeks on an annual basis.
Import details
U.S. oil imports rose to 6.867 million bpd during the past week, up from 6.012 million bpd a week earlier.
The increase in US oil imports came from 7 countries; Canada leads with 372,000 barrels per day, followed by Brazil and Libya with around 181 and 85,000 barrels per day respectively.
US imports from Saudi Arabia, Iraq and Mexico also increased by 43, 30 and 17 thousand barrels per day respectively, and also increased from Nigeria.
In contrast, US oil imports from Colombia and Ecuador fell by about 44,000 bpd and 2,000 bpd, respectively.
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