Crude Oil Inventory: Crude oil inventory reached 1.83 million barrels, higher than the expected value of -1.92 million barrels. This indicates an increase in crude oil inventories.
Cushing: Cushing refers to the Cushing, Oklahoma storage hub, a major delivery point for crude oil. Inventories in Cushing were reported at 1.33 million barrels, but it was not determined whether this represented an increase or decrease from the previous period.
Gasoline stocks: Gasoline stocks showed a decrease of 945 thousand barrels, which is less than the expected decrease of -1.16 million barrels. This indicates that gasoline inventories fell, but the decline was smaller than expected.
Distillate Inventories: Distillate inventories increased by 379,000 barrels, higher than the expected increase of -300,000 barrels. This indicates rising distillate fuel inventories. Also, US crude oil refinery inputs: The average refinery inputs reached 16.5 million barrels per day, which is 227,000 barrels per day more than the average of the previous week. This indicates an increase in the amount of crude oil being processed by refineries.
Refinery capacity: The refineries operated at 91.7% of their operational capacity during the aforementioned week. This indicates a relatively high level of refinery utilization. Gasoline production: Gasoline production increased to reach an average of 10.0 million barrels per day during the aforementioned week. This indicates a slight increase in gasoline production.
Distillate fuel production: Distillate fuel production also increased, reaching an average of 5.1 million barrels per day. This indicates a rise in the production of distillate fuels such as diesel and heating oil. Please note that the information provided is a summary based on the data provided and may not reflect the complete analysis of oil market conditions.
Changes in US commercial oil inventories for the aforementioned week:
Crude Oil Inventories: U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, rose by 1.8 million barrels from the previous week. The current inventory level is 458.8 million barrels, which is about 3% below the five-year average for this time of year. This indicates an increase in crude oil inventories but at a slightly lower level compared to the historical average.
Automotive Gasoline Inventories: Total automotive gasoline inventories decreased by 0.9 million barrels from the previous week. The current inventory level is about 2% below the five-year average for this time of year, indicating low gasoline inventories.
Finished gasoline and mixing components: The stock of finished gasoline increased, while the stock of mixing components decreased during the aforementioned week. There are no specific numbers or comparisons for these inventory categories.
Distillate Fuel Inventories: Distillate fuel inventories rose by 0.4 million barrels during the week. The current inventory level is about 7% below the five-year average for this time of year, indicating high distillate fuel inventories.
Propane/Propylene Inventories: Propane/propylene inventories increased by 2.2 million barrels from the previous week. The current inventory level is 14% above the five-year average for this time of year, indicating a significant increase in propane/propylene inventories.
Total Commercial Oil Inventory: Total commercial oil inventory, including all categories mentioned above, increased by 7.5 million barrels during the aforementioned week. These numbers provide a summary of changes in US commercial oil inventories during the week in question.
The total products supplied during the past four-week period amounted to 20.2 million barrels per day on average, an increase of 0.7% over the same period last year. Over the past four weeks, production of motor gasoline products has averaged 8.9 million barrels per day, down 1.8% from the same period last year.
Imports of crude oil and petroleum into the United States
Details regarding US crude oil and petroleum imports for the week in question: Crude Oil Imports: Average daily crude oil imports for the week in question were 6.7 million barrels per day. This represents a decrease of 81 thousand barrels per day compared to the previous week.
Four-week average crude oil imports: Over the past four weeks, daily crude oil imports averaged about 6.8 million barrels per day. This is 10.1% higher than the average for the same four-week period the previous year. This indicates an increase in crude oil imports compared to the previous year. Total motor gasoline imports: The average daily imports of total motor gasoline, including finished gasoline and gasoline mixture components, amounted to 773 thousand barrels per day during the aforementioned week. There is no comparison to the previous week or the previous year.
Distilled fuel imports: The average daily imports of distilled fuel reached 98 thousand barrels per day during the aforementioned week. No comparison was mentioned with the previous week or the previous year. These numbers provide an overview of US crude oil and petroleum imports during the week in question.
Uses and Applications: The oil is used in a variety of uses and applications. Oil is refined to produce fuels, including gasoline, diesel, jet fuel, and biofuel. It is also used to generate electricity and power vehicles, airplanes, and ships. In addition, oil is used to make petrochemical products such as plastics, synthetic fibers, pharmaceuticals, cosmetics, and fertilizers.
Oil production: Oil is extracted from oil wells spread throughout the world. Extraction methods and techniques vary, and include traditional drilling, deep offshore fields, shale oil extraction (fracking), and oil sands. Some countries top the oil production list, such as the United States, Russia, Saudi Arabia, Iraq, Iran, and the United Arab Emirates.
