US Crude Oil Stockpiles Hit September 2021 Highs Amid Refinery Outages - EIA
Muhammad Irfan Published January 25, 2023 | 10:28 PM
US crude oil stockpiles have risen to their highest in 16 months after unplanned refinery outages led to six straight weeks of inventory builds, the Energy Information Administration (EIA) said on Wednesday
WASHINGTON (UrduPoint News / Sputnik - 25th January, 2023) US crude oil stockpiles have risen to their highest in 16 months after unplanned refinery outages led to six straight weeks of inventory builds, the Energy Information Administration (EIA) said on Wednesday.
In the most recent week to January 20, crude stockpiles rose by 533,000 barrels, bringing total builds to 30.3 million since the week ended December 24.
According to the EIA, which serves as the statistical arm of the US Energy Department, the total crude stockpile of 820.1 million barrels as of last week was the highest since September 2021.
A rash of unplanned refinery outages have led to the pile up of crude on the market.
Media reports said PBF Energy, a refinery producing diesel in Chalmette, Louisiana was shut after a fire on Saturday and could be out for at least a month.
Exxon Mobil, meanwhile, announced Monday that it will perform planned maintenance on several units at its Baytown, Texas, petrochemical complex.
Scheduled maintenance could be lengthier than expected this season, with many US Gulf Coast refineries still running below capacity after Winter Storm Elliott disrupted some 1.5 million barrels per day of refining capacity in December. A Suncor refinery in Commerce City, Colorado, has been offline since the storm.
Overhauls are also delayed by legacy problems caused by the now three-year-old coronavirus pandemic, with refiners reportedly planning twice as many overhauls this spring than usual.
These disruptions to normal refinery operations have restrained an expected rally in crude prices since the start of the year, with US crude trading at just around $80 a barrel versus forecasts for $85 and above.
The issues have, however, worked in favor of gasoline prices as the refinery outages raised the profit margin for a barrel of the leading automobile fuel to $36.88 as of Wednesday, versus last week's level of $34.91. The average price of gasoline at US pumps has climbed to $3.481 per gallon from $3.102 a month, the American Automobile Association said on Wednesday.
On the gasoline inventory front, the EIA reported a build of 1.763 million barrels for last week. Gasoline inventories have gone up by almost 10 million barrels to date since 2023 began. In the previous week, gasoline builds stood at 3.483 million. Automotive fuel gasoline is America's No. 1 fuel product.
With distillate stockpiles, there was a decline of 507,000 barrels for last week. Distillates, which are refined into heating oil, diesel for trucks, buses, trains and ships and fuel for jets, have been the strongest component of the US petroleum complex lately in terms of demand. Distillate stockpiles have fallen by more than 4 million barrels since the start of the year.
Related Topics
Recent Stories
PTI to stage nationwide protests against alleged electoral frauds
Senate continues discussion on Presidential address to Joint Sitting of Parliame ..
Masood Khan calls for Pak-US cooperation for regional peace
Interior Minister starts Margalla Trail Patrol for security
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 26 April 2024
Today Gold Rate in Pakistan 26 April 2024
ICC Womens T20 World Cup Qualifier, Match 2: Ireland Women open with Comfortable ..
Robinson, bowlers help New Zealand go 2-1 up against Pakistan
Shahzeb Chachar to hold khuli kachehri on April 26
Heatwave amid Israel's aggression in Gaza brings new misery, disease risk
Tourism must change, mayor says as Venice launches entry fee
Court adjourns Judicial Complex attack case till May 17
More Stories From Business
-
Kitchen items’ prices ease as weekly inflation falls by 1.1%
9 minutes ago -
Shipping Activity at Port Qasim
1 hour ago -
Machinery equipment assembling grew by 70.98% in 08 months
2 hours ago -
Gold rates up by Rs.2,500 per tola to Rs245,000
3 hours ago -
Miner Anglo American rejects BHP's $38.8 billion takeover bid
3 hours ago -
Exchange rates for currency notes
5 hours ago
-
Foreign exchange rates
6 hours ago -
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 26 April 2024
6 hours ago -
Today Gold Rate in Pakistan 26 April 2024
7 hours ago -
Chinese minister felicitates Ahsan Iqbal on reappointment as Planning minister
16 hours ago -
Pak-US officials engage to enhance trade, investment ties
17 hours ago -
Stocks fall as tech shares sink, US economy slows
17 hours ago