US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve (SPR) increased by 5.2m barrels from the week ending 24 October to the week ending 31 October, the US Energy Information Administration (EIA) highlighted in its latest weekly petroleum status report, which was released on 5 November and included data for the week ending 31 October.

The EIA report showed that crude oil stocks, not including the SPR, stood at 421.2m barrels on 31 October, 416.0m barrels on 24 October and 427.7m barrels on 1 November 2024. Crude oil in the SPR stood at 409.6m barrels on 31 October, 409.1m barrels on 24 October and 387.2m barrels on 1 November 2024, the report highlighted.

Total petroleum stocks – including crude oil, total motor gasoline, fuel ethanol, kerosene type jet fuel, distillate fuel oil, residual fuel oil, propane/propylene and other oils – stood at 1.679bn barrels on 31 October, the report revealed. Total petroleum stocks were up 1.1m barrels week on week and up 44.5m barrels year on year, the report showed.

US crude oil refinery inputs averaged 15.3m barrels per day during the week ending 31 October, according to the EIA’s latest weekly petroleum status report. The organisation pointed out that this was 37,000 barrels per day more than the previous week’s average.

US crude oil imports averaged 5.9m barrels per day last week, the EIA noted in the report. It pointed out that this was an increase of 873,000 barrels per day from the previous week. Total products supplied over the last four-week period averaged 20.3m barrels a day, down by 1.2% from the same period last year, the EIA stated in the report.

In its previous weekly petroleum status report, which was released on 29 October and included data for the week ending 24 October, the EIA highlighted that US commercial crude oil inventories, excluding those in the SPR, decreased by 6.9m barrels from the week ending 17 October to the week ending 24 October. The EIA’s next weekly petroleum status report is scheduled to be released on 13 November. It will include data for the week ending 7 November.

The EIA describes itself on its site as the statistical and analytical agency within the US Department of Energy. The organisation notes on its site that it collects, analyses, and disseminates independent and impartial energy information to promote sound policymaking, efficient markets and public understanding of energy and its interaction with the economy and the environment.

For more information visit EICDataStream https://www.the-eic.com/MarketIntelligence/EICDataStream

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