U.S. crude inventories (excluding SPR) rose 8.7M barrels from Jan 24 to Jan 31, per EIA.The February 5 report, covering the week ending January 31, showed U.S. crude stocks (excluding the SPR) at 423.8M barrels on January 31, up from 415.1M on January 24 but down from 427.4M on February 2, 2024. SPR crude stood at 395.1M barrels on January 31, rising slightly from 394.8M on January 24 and up from 358.0M on February 2, 2024.
Total petroleum stocks—including crude, gasoline, ethanol, jet fuel, distillates, residual fuel, propane/propylene, and other oils—were 1.605B barrels on January 31.
This marked a 2.5M barrel decline week-over-week but a 20.6M barrel increase year-over-year.Distillate fuel stocks fell 5.5M barrels, 12% below the five-year average. Propane/propylene stocks dropped 4.8M barrels, 2% below the average.U.S. refineries processed 15.3M bpd for the week ending Jan 31, up 159,000 bpd from the prior week, operating at 84.5% capacity.Gasoline production declined to 9.2M bpd, while distillate fuel output fell to 4.6M bpd.
Over the past four weeks, product supplied rose 13.7% year-over-year, while jet fuel supply increased 4.6%.Macquarie noted the EIA reported crude (+8.7M), gasoline (+2.2M) builds, and distillate (-5.5M), jet (-1.2M) draws, aligning with expectations but showing a tighter market overall.U.S. Crude Oil Inventories Jump Nearly 9M Barrels WeeklyU.S. commercial crude oil stocks, excluding the Strategic Petroleum Reserve (SPR), rose by 8.7 million barrels from January 24 to January 31, according to the U.S. Energy Information Administration (EIA).
The February 5 report showed crude inventories (excluding SPR) at 423.8M barrels on January 31, up from 415.1M on January 24 but down from 427.4M on February 2, 2024. SPR crude stood at 395.1M barrels on January 31, slightly higher than 394.8M on January 24 and significantly up from 358.0M on February 2, 2024.Total petroleum inventories—including crude, gasoline, ethanol, jet fuel, distillates, residual fuel, propane/propylene, and other oils—were 1.605B barrels on January 31.
This marked a 2.5M barrel weekly decline but a 20.6M barrel yearly increase.Inventory BreakdownEIA data showed U.S. crude stocks are 5% below the five-year average. Gasoline inventories increased by 2.2M barrels and sit slightly above the five-year average. Finished gasoline stocks declined, while blending components increased.
Distillate inventories dropped 5.5M barrels, 12% below the five-year average, while propane/propylene stocks fell 4.8M barrels, 2% below the average.Refinery and Production ActivityU.S. refineries processed 15.3M barrels per day (bpd) for the week ending January 31, up 159,000 bpd from the prior week, operating at 84.5% capacity.Gasoline production declined to 9.2M bpd, and distillate fuel output dropped to 4.6M bpd.Crude oil imports averaged 6.9M bpd, an increase of 467,000 bpd from the previous week.
Over the past four weeks, imports averaged 6.6M bpd, 2.8% higher year-over-year. Gasoline imports averaged 593,000 bpd, while distillate imports averaged 159,000 bpd.Total product supply over four weeks averaged 20.6M bpd, up 3.3% from last year. Motor gasoline supply averaged 8.3M bpd, down 0.2% year-over-year. Distillate supply rose 13.7% to 4.3M bpd, and jet fuel supply increased 4.6%.
Macquarie Insights
Macquarie analysts highlighted EIA’s report showing crude (+8.7M) and gasoline (+2.2M) builds, alongside distillate (-5.5M) and jet (-1.2M) draws.The crude balance saw higher refinery runs (+0.5M bpd), with net imports slightly lower (-0.1M bpd) and implied domestic supply at 14.0M bpd, above the estimated 13.8M bpd.Product demand exceeded expectations, with gasoline, distillate, and jet fuel reaching 14.7M bpd versus the estimated 13.8M bpd.
The four-week average was 14.1M bpd, compared to 13.5M bpd in the same period last year.Total disappearance (demand + exports) for these products stood at 16.6M bpd, surpassing the estimated 16.3M bpd, with the four-week average at 16.3M bpd, up from 15.7M bpd last year.
