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Gulf Press > Business > US crude oil inventories increase after six weeks of declines, according to EIA – News
Business

US crude oil inventories increase after six weeks of declines, according to EIA – News

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Last updated: 2024/08/15 at 7:21 AM
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U.S. crude oil stockpiles unexpectedly rose last week, breaking a six-week streak of declines. Crude inventories increased by 1.36 million barrels, reaching 430.7 million barrels in the week ending August 9. This build was contrary to analysts’ expectations of a 2.2 million-barrel draw. Meanwhile, crude stocks at the Cushing, Oklahoma, delivery hub fell by 1.7 million barrels. Following the surprise build, crude futures extended losses, with Brent futures trading at $80.41 a barrel and U.S. crude falling to $77.66 a barrel.

Bob Yawger, director of energy futures at Mizuho in New York, noted that the recent build in crude inventories may weigh on prices as the six-week draw comes to an end. Net U.S. crude imports slightly decreased by 57,000 barrels per day, while exports rose by 118,000 barrels per day to reach 3.76 million barrels per day. Production also declined by 100,000 barrels per day to 13.3 million barrels per day. The EIA’s adjustment figure, which serves as a balancing item when supply and demand do not align, was 420,000 barrels per day.

Refinery crude runs increased by 65,000 barrels per day, while refinery utilization rates rose by 1 percentage point to 91.5%. Gasoline stocks fell by 2.9 million barrels to 222.2 million barrels, exceeding expectations for a 1.3 million-barrel draw. Gasoline inventories are now at their lowest level since November. Distillate stockpiles, including diesel and heating oil, dropped by 1.7 million barrels to 126.1 million barrels, compared to forecasts for a 520,000-barrel draw. Jet fuel consumption declined by 346,000 barrels per day to 1.6 million barrels per day, reflecting weaker demand amid economic concerns.

The decline in jet fuel consumption has contributed to a decrease in overall product demand, with the four-week average standing at 20.56 million barrels per day, down 1.7% from the same period last year. Despite the unexpected increase in crude oil stockpiles, gasoline and distillate inventories saw larger-than-expected declines. Gasoline inventories are now at their lowest level since November, indicating robust demand for this fuel. The drop in jet fuel consumption reflects broader economic worries impacting travel and transportation sectors.

The fluctuations in oil inventories and product demand are influenced by a myriad of factors, including global economic conditions, geopolitical tensions, and changes in supply and demand dynamics. As such, analysts and market participants closely monitor EIA reports to gauge the health of the oil market and make informed decisions regarding investments and trading strategies. The recent build in crude inventories has raised concerns about a potential oversupply, which could put downward pressure on oil prices in the near term. However, the decline in gasoline and distillate inventories suggests strong demand for these products, which may provide support to prices in the coming weeks.

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News Room August 15, 2024
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