US oil stocks jump 8.5 million barrels in a week - Energy

US oil inventories rose by more than 8 million barrels during the past week, to continue rising for the third time in a row, while stocks of gasoline and distillates decreased.

And the weekly report – issued by the US Energy Information Administration today, Wednesday – showed that stocks rose by 8.5 million barrels, during the week ending on May 6, bringing the total to 424.2 million barrels.

Reuters had estimated that US oil inventories decreased by 0.5 million barrels last week.

According to the report, the strategic reserves of oil stocks decreased by 7 million barrels, to 543 million barrels.

This means that without the withdrawal from the strategic reserve, commercial oil stocks in the United States would have risen by 1.5 million barrels, but the impact on the markets depends on the change in commercial stocks, according to the Energy Research Unit.

According to a law passed by the US Congress, withdrawals from the strategic stockpile usually occur; With the aim of alleviating the budget deficit by covering sales from the reserve and the costs of managing it annually.

oil stocks

The rise in oil stocks in the United States came with a noticeable decline in exports, and amid a decline in the consumption of oil derivatives.

US oil exports fell by 695,000 barrels per day during the past week, bringing the total to 2.879 million barrels per day.

US oil imports also fell by 62,000 barrels per day, to reach 6.269 million barrels per day.

Usually, the “Energy” platform ignores the figures for oil production in America, which come within the weekly reports of crude stocks, because they do not reflect the actual levels; It depends on future expectations.

US oil production

gasoline stocks

Gasoline stocks fell in the United States by 3.6 million barrels last week, bringing the total to 225 million barrels.

Distillate stocks – which include diesel, heating fuel and others – decreased by 0.9 million barrels, to 104 million barrels.

Analysts had expected a decline in gasoline and distillate stocks by 1.6 and 1.3 million barrels, respectively.

Consumption of oil derivatives

The consumption of oil derivatives in the United States decreased by 235,000 barrels per day during the past week, reaching 19.231 million barrels per day.

The consumption of gasoline and distillates decreased by 154 and 179,000 barrels per day, respectively, during the past week.

On the other hand, the consumption of jet fuel in the United States increased at a slight pace, amounting to one thousand barrels per day.

When comparing the average of the past 4 weeks on an annual basis, the total consumption of petroleum products increased by 1.6 percent, despite the decline in the consumption of gasoline and distillates by 1.4 percent and 5.5 percent, respectively.

While jet fuel consumption increased by 26.9% during the past 4 weeks, on an annual basis.

Import details

US oil imports fell to 6.269 million barrels per day last week, compared to 6.332 million the previous week.

This comes with a decline in oil imports by 3 countries, led by Saudi Arabia; It fell by 248,000 barrels per day.

US crude imports from Canada and Colombia decreased by 208 and 37 thousand barrels per day, respectively.

While US oil imports from Ecuador, Iraq and Trinidad and Tobago rose by 285, 145 and 128 thousand barrels per day, as well as from Mexico, Brazil and Nigeria.

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