US oil inventories fell more than analysts expected over the past week, while gasoline and distillate inventories rose.
According to the weekly report published by Energy information management American, today, Wednesday (November 16, 2022) – Crude inventories fell by 5.4 million barrels for the week ending November 11, bringing the total to 435.4 million barrels.
Standard & Poor’s Global estimates indicated that oil inventories in America fell by 400,000 barrels, as monitored. Energy Research Unit.
As a retreat strategic reserve Oil inventories totaled 4.1 million barrels, bringing the total to 392.1 million barrels, according to the report.
This means that if it weren’t for the strategic reserve drawdown, US commercial oil inventories would have declined by about 9.5 million barrels, but the impact on markets depends on the change in commercial inventories, according to reports 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.
American oil stocks
Stocks are falling oil In the US, with a significant decrease in crude oil imports and an increase in exports, according to the report, which was seen by the Energy Research Unit.
Oil imports to America fell by about 895,000 bpd to 5.559 million bpd, while U.S. exports increased by 341,000 bpd, bringing the total to 3.862 million.
This means that net oil imports from the United States – which include the Strategic Reserve – fell by 1.236 million bpd last week, to 1.697 million bpd.
The “energy” platform typically ignores US oil production data, which forms part of its weekly crude inventories reports, because it does not reflect actual levels. It depends on future expectations.
The chart below shows U.S. crude oil production from early 2019 through August 2022, according to the latest data released by the Energy Information Administration.:
US gasoline inventories
The shares are up benzene In the United States of 2.2 million barrels in the last week, to reach 207.9 million barrels.
The shares also rose distillers – which includes diesel, heating fuels and others – by about 1.1 million barrels, reaching the figure of 107.4 million barrels.
Analysts’ estimates indicate a drop in gasoline and distillate stocks of 800 and 500 thousand barrels, respectively.
Import details
Oil imports to the United States decreased from 6.454 million barrels per day to 5.559 million in the past week.
The decline in US oil imports came from 5 countries, moreover Iraq And Saudi Arabia, respectively about 363 and 308 thousand barrels per day.
Oil imports from Colombia and Canada decreased by 198 and 159 thousand barrels per day respectively, and also decreased from Ecuador.
On the other hand, US oil imports from Brazil, Nigeria and Libya increased by 167, 62 and 49 thousand barrels per day respectively, and they also increased from Mexico.
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