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United States: Oil inventories fall despite intensified refining

U.S. crude oil inventories decline less than expected, despite a notable rise in refinery activity, questioning analysts on market dynamics

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Commercial crude oil inventories in the United States fell by 800,000 barrels in the week ending August 23, 2024, well below the 2.8 million expected. This contrast is surprising, especially in a context where refineries are running at 93.3% of capacity, a continuous increase observed over the past four weeks.…

Commercial crude oil inventories in the United States fell by 800,000 barrels in the week ending August 23, 2024, well below the 2.8 million expected.
This contrast is surprising, especially in a context where refineries are running at 93.3% of capacity, a continuous increase observed over the past four weeks.
The moderation of this fall is partly explained by a slowdown in exports, down 9%.
This reduction in outflows attenuated the impact of strong domestic demand for refined products, disrupting market expectations.

Refineries at maximum capacity

US refineries are operating at full capacity, responding to increased domestic demand, particularly for products such as gasoline and propane.
However, despite this intensification, gasoline inventories fell by 2.2 million barrels, a significant drop despite full utilization of refining capacity.
Deliveries of propane and propylene, mainly for the chemical industry, also rose spectacularly, reflecting robust demand for these specific products.
This increase in deliveries, combined with stable production at 13.3 million barrels per day, creates a complex landscape in which market expectations are not always realized.

Oil market reactions

Despite these developments, the effect on oil prices remains limited.
The price of West Texas Intermediate (WTI) fell slightly by 1.08% to $74.71 a barrel.
This relative stability suggests that market players are already integrating these variations, while remaining attentive to future adjustments in exports and production levels.
Analysis of these trends highlights the current challenges facing the US oil market, where inventory management and refining capacity play a central role in price equilibrium.
Industry professionals are keeping a close eye on these indicators, aware that the slightest fluctuations can have major repercussions on supply and distribution strategies.

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