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U.S. Weekly Crude Stocks Jump Nearly 5.5Mln Barrels, Gasoline Down Almost as Much

Commodities Aug 10, 2022 11:19AM ET
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By Barani Krishnan

Investing.com -- U.S. crude oil inventories jumped by almost 5.5 million barrels last week, the Energy Information Administration, or EIA, announced on Wednesday.

Equally surprising was the slump in gasoline stockpiles, which fell by almost as much, or nearly 5 million barrels. 

Crude oil inventories jumped by 5.458 million barrels during the week to Aug. 5 against expectations for a build of 73,000 barrels. In the previous week to July 29, crude stockpiles had also risen nearly 5 million barrels, or by 4.467 million to be precise.

Gasoline inventories declined by 4.978 million barrels last week, against expectations for a drop of 633,000 barrels. In the previous week, gasoline rose by 163,000 barrels.

Distillate stocks surprisingly grew by 2.166 million barrels last week. The expectation had been for a decline of 667,000 barrels. In the previous week, distillates had fallen by 2.4 million barrels.

The EIA inventory report also showed an outflow of 5.3 million from the national emergency oil reserve, bringing the so-called Strategic Petroleum Reserve’s balance to 464.6 million barrels — the lowest since April 1985. 

The Biden administration has been leaning heavily on the reserve to add to crude supplies in the market amid the squeeze in global oil availability from the sanctions placed on Russia over the Ukraine war. 

The administration is expected to continue withdrawing between 750,000 and 1.0 million barrels from the reserve daily until October to create more supply for refiners to turn into gasoline and bring down pump prices of that fuel. Gasoline at U.S. pumps hit record highs of above $5 a gallon in mid-June, and is down to almost $4 now. The EIA report showed gasoline demand for last week at 9.123 million barrels, not much changed from year-ago levels of 9.43 million. U.S. gasoline exports, meanwhile, were at 1.13 million barrels, the most since December 2018.

Exports of U.S. crude oil itself fell by almost 40% on the week to 2.11 million barrels from a previous 3.51 million.

Production of crude also ticked higher, to an estimated 12.2 million barrels per day from 12.1 million.

U.S. Weekly Crude Stocks Jump Nearly 5.5Mln Barrels, Gasoline Down Almost as Much
 

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Comments (6)
Ac Tektrader
Ac Tektrader Aug 10, 2022 2:34PM ET
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the USA lost its lead in crude production with the crude crash in 2020. it bankrupted many oil producers was caused by the covid-19 pandemic. it was not the policies of the biden administration. now, the oil companies have over 8000 leases that they are not utilizing. they like the higher margins and profits of present market conditions. talk to the oil companies if you want more crude in the market place. the biden administration is doing what it can to create more supply. but unfortunately it takes time to change corporate policies.
First Last
First Last Aug 10, 2022 2:34PM ET
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Not sure it's a good idea to change corporate policies.  Less debt and bankruptcies seem to be a good result of current/recent policies.  Asking to change to more debt at current high interest rates ...
Tttt Ddds
Tttt Ddds Aug 10, 2022 1:10PM ET
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US military needsto cut it fuel needs...10000 jets flying around the world every day.
First Last
First Last Aug 10, 2022 12:06PM ET
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"Production of crude also ticked higher" -- The lie that Biden cause energy inflation by suppression US production needs to die.
Joe Buckley
Joe Buckley Aug 10, 2022 12:06PM ET
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Your siding with Brandon ? He is the reason my family is surviving-long oil the day he took office.
First Last
First Last Aug 10, 2022 12:06PM ET
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Joe Buckley   Siding with truth.  Long oil worked early in Biden's term because world economies were re-opening.  Later on, long oil continued to work as Putin ramped up aggression.  But it's retrumplican/Russian agenda to blame everything on Biden.
First Last
First Last Aug 10, 2022 12:06PM ET
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The truth is US crude & nat gas productions have been trending higher & higher since Biden's inauguration.
SS ABCD
SS ABCD Aug 10, 2022 11:56AM ET
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The braindead admin. caused ALL this! The global change religion!
Notvery Goodathis
Peteymcletey Aug 10, 2022 11:43AM ET
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They need to let the SPR be an actual reserve....
Andrew Ulferts
Andrew Ulferts Aug 10, 2022 10:55AM ET
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What a time to be invested ONLY in oil drillers. Barani, what is your take on SPR releases ending this fall? Will we see things level out? If you look at a chart (wish i could post a link) to total US inventories including SPR, they are trending downward rapidly. I might get my oil crisis after all.
Barani Krishnan
Barani Krishnan Aug 10, 2022 10:55AM ET
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Hi Andrew, It's already at 1985 lows. I just updated the story.
Andrew Ulferts
Andrew Ulferts Aug 10, 2022 10:55AM ET
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Barani Krishnan I know there is a brutal recession incoming, but I don’t know if it will slow demand enough to balance the commercial stocks. Hope I can pull of a miracle and play the swing. Very unpredictable market.
Andrew Ulferts
Andrew Ulferts Aug 10, 2022 10:55AM ET
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Barani Krishnan I like the addition of export data as well.
Barani Krishnan
Barani Krishnan Aug 10, 2022 10:55AM ET
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Andrew Ulferts  My pleasure. There's a lot of data out there. The question is what drives sentiment. We tend to focus on those.
 
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