popular articles

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

Please share:

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.

Register free of charge for uninterrupted access.

Publicite

Recently published in

New Mexico Oil Auctions Generate $5.5 Million: A Mixed Success
Despite pressure on refining margins, Africa is accelerating refinery projects to meet growing demand and enhance energy security, while facing competition from global giants.
Despite pressure on refining margins, Africa is accelerating refinery projects to meet growing demand and enhance energy security, while facing competition from global giants.
India's oil product consumption grew by 3% in October, marking a recovery after the monsoon season, driven by diesel demand and robust vehicle sales during the festive season.
India's oil product consumption grew by 3% in October, marking a recovery after the monsoon season, driven by diesel demand and robust vehicle sales during the festive season.
Aramco, Sinopec, and Fujian Petrochemical break ground on an integrated refining and petrochemical complex in China, aiming for an annual production of 16 million tons to meet the rising global demand for chemicals.
Aramco, Sinopec, and Fujian Petrochemical break ground on an integrated refining and petrochemical complex in China, aiming for an annual production of 16 million tons to meet the rising global demand for chemicals.
O.K. Lim, a former oil tycoon in Singapore, has been sentenced to 17 and a half years in prison for a massive financial fraud that defrauded HSBC of $100 million, tarnishing the city-state's commercial reputation.
TechnipFMC and Saipem secure contracts exceeding one billion dollars each for TotalEnergies’ offshore oil project, GranMorgu, aimed at exploiting fields off the Suriname coast.
TechnipFMC and Saipem secure contracts exceeding one billion dollars each for TotalEnergies’ offshore oil project, GranMorgu, aimed at exploiting fields off the Suriname coast.
Sinopec's Tianjin Nangang complex, developed with INEOS, enhances China's petrochemical capabilities with integrated production of 1.2 million tons annually. This project marks a turning point in strategic partnerships and industrial self-sufficiency.
Sinopec's Tianjin Nangang complex, developed with INEOS, enhances China's petrochemical capabilities with integrated production of 1.2 million tons annually. This project marks a turning point in strategic partnerships and industrial self-sufficiency.
ENEOS, Japan's leading refiner, intensifies spot market oil purchases, including Canadian crude, leveraging the Trans Mountain pipeline expansion. This shift reduces Japan's energy dependence on the Middle East.
ENEOS, Japan's leading refiner, intensifies spot market oil purchases, including Canadian crude, leveraging the Trans Mountain pipeline expansion. This shift reduces Japan's energy dependence on the Middle East.
Despite growing calls to reduce hydrocarbon production, a report by the NGO Urgewald reveals that the oil and gas industry has invested an average of $61.1 billion annually in exploration over the past three years.
The Mexican government is set to unveil a long-term strategy for Pemex as the state-owned company faces structural challenges. Experts and investors discuss the necessary solutions, including opening up to private capital.
The Mexican government is set to unveil a long-term strategy for Pemex as the state-owned company faces structural challenges. Experts and investors discuss the necessary solutions, including opening up to private capital.
Despite high expectations, Dangote refinery faces difficulties selling gasoline domestically and begins exporting to ease stock and diversify its markets.
Despite high expectations, Dangote refinery faces difficulties selling gasoline domestically and begins exporting to ease stock and diversify its markets.
OPEC+ recorded an increase of 30,000 barrels per day in October, marked by Libya’s production surge and Kazakhstan’s reduction. Compliance remains a key challenge for the group.
OPEC+ recorded an increase of 30,000 barrels per day in October, marked by Libya’s production surge and Kazakhstan’s reduction. Compliance remains a key challenge for the group.
The Hague's Court of Appeal overturned a historic decision obliging Shell to reduce its CO2 emissions, rejecting the environmental NGOs' appeal, which denounced the multinational's inaction on climate.
A year after its strategic acquisitions in the Permian Basin, Civitas Resources records a strong increase in productivity and strengthens its positions, notably through innovations in simultaneous fracturing and a production record in Colorado.
A year after its strategic acquisitions in the Permian Basin, Civitas Resources records a strong increase in productivity and strengthens its positions, notably through innovations in simultaneous fracturing and a production record in Colorado.
Facing growing domestic demand, Vietnam's Nghi Son refinery seeks government approval to increase its Kuwaiti oil imports, thereby exceeding its annual tax-free quota.
Facing growing domestic demand, Vietnam's Nghi Son refinery seeks government approval to increase its Kuwaiti oil imports, thereby exceeding its annual tax-free quota.
As Russian and Kazakh refineries resume operations following maintenance periods, the energy market anticipates potential effects on fuel supply. Uncertainty remains around gasoline exports in Russia.
As Russian and Kazakh refineries resume operations following maintenance periods, the energy market anticipates potential effects on fuel supply. Uncertainty remains around gasoline exports in Russia.
CNOOC Group has announced the start of production for its Long Lake NW project in Canada, which is expected to reach a peak of 8,200 barrels per day in 2025, utilizing SAGD technology.
A report by Reclaim Finance accuses 20 European banks of promoting oil and gas expansion through significant financing, hindering energy transition goals.
A report by Reclaim Finance accuses 20 European banks of promoting oil and gas expansion through significant financing, hindering energy transition goals.
Saudi Aramco reduces its December official selling prices for crude oil bound for Asia, a move in line with market expectations. Adjustments vary by crude type, with larger cuts for lighter grades.
Saudi Aramco reduces its December official selling prices for crude oil bound for Asia, a move in line with market expectations. Adjustments vary by crude type, with larger cuts for lighter grades.
Marathon Petroleum exceeded financial forecasts by increasing its refinery throughput and maximizing utilization rates. This strategy leverages fluctuations in the oil market to enhance profitability.
Marathon Petroleum exceeded financial forecasts by increasing its refinery throughput and maximizing utilization rates. This strategy leverages fluctuations in the oil market to enhance profitability.
Saudi oil giant Aramco reports a 15% drop in net profit in the third quarter, driven by falling oil prices and reduced production, adding uncertainty to the global energy market outlook.
The American group ExxonMobil has finalized the sale of the Fos-sur-Mer refinery to Rhône Energies, a consortium led by Trafigura, marking a step in its strategy to reduce activities in France.
The American group ExxonMobil has finalized the sale of the Fos-sur-Mer refinery to Rhône Energies, a consortium led by Trafigura, marking a step in its strategy to reduce activities in France.
Italian energy giant Eni has finalized the sale of its Alaskan oil fields to American firm Hilcorp for $1 billion, advancing its strategy of refocusing on strategic assets.
Italian energy giant Eni has finalized the sale of its Alaskan oil fields to American firm Hilcorp for $1 billion, advancing its strategy of refocusing on strategic assets.
Saudi Arabia, Russia, and six other OPEC+ countries extend their production cuts by 2.2 million barrels per day until the end of December to support oil prices weakened by uncertain demand.
Saudi Arabia, Russia, and six other OPEC+ countries extend their production cuts by 2.2 million barrels per day until the end of December to support oil prices weakened by uncertain demand.

Advertising