US Crude Stocks Rose 8.7M Bbl Amid Higher Imports, Refiner
2/05 10:44 AM
US Crude Stocks Rose 8.7M Bbl Amid Higher Imports, Refinery Runs
TACOMA, WA (DTN) -- U.S. crude oil inventories climbed significantly last
week as refineries raised throughput and crude imports surged, according to the
Energy Information Administration's Weekly Petroleum Status Report released
today.
Commercial crude stocks rose by 8.7 million bbl to 423.8 million bbl in the
week ending Jan. 31. Despite the increase, inventories remain 5% below the
five-year average for this time of year. Crude imports averaged 6.9 million
bpd, up 467,000 bpd from the prior week, while refinery utilization reached
84.5%, above the 83.5% reported the previous week.
Gasoline stocks increased by 2.2 million bbl and are now slightly above the
five-year average. Gasoline production averaged 9.2 million bpd, a slight drop
from the previous week. Distillate inventories, however, fell by 5.5 million
bbl and remain 12% below the five-year average. Propane and propylene
inventories also declined, down 4.8 million bbl last week.
Total petroleum demand over the past four weeks averaged 20.6 million bpd, a
3.3% increase compared to the same period last year. Distillate fuel demand
rose sharply, up 13.7% year-on-year, while gasoline demand was slightly lower,
down 0.2%.
As some refineries are undergoing planned turnarounds as refinery
maintenance season is approaching, inventory fluctuations and shifts in product
demand are expected to continue. Market participants are closely watching for
any production changes driven by the escalation of trade tensions between the
U.S. and China.
Nicholas Bell, nicholas.bell@dtn.com
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