U.S. OIL INVENTORIES UP BY 0.7 MB TO 457.4 MB

U.S. EIA -   July 19, 2023  - Data for week ending  July 14, 2023

Summary of Weekly Petroleum Status Report     

U.S. crude oil refinery inputs averaged 16.6 million barrels per day during the week ending July 14, 2023, which was 75 thousand barrels per day less than the previous week’s average. Refineries operated at 94.3% of their operable capacity last week. Gasoline production decreased last week, averaging 9.5 million barrels per day. Distillate fuel production decreased last week, averaging 5.0 million barrels per day.

U.S. crude oil imports averaged 7.2 million barrels per day last week, increased by 1.3 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.7 million barrels per day, 2.5% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 717 thousand barrels per day, and distillate fuel imports averaged 63 thousand barrels per day. 

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 0.7 million barrels from the previous week. At 457.4 million barrels, U.S. crude oil inventories are approximately 1% above the five year average for this time of year. Total motor gasoline inventories decreased by 1.1 million barrels from last week and are about 7% below the five year average for this time of year. Finished gasoline inventories decreased, while blending components inventories increased last week. Distillate fuel inventories slightly increased last week and are about 14% below the five year average for this time of year. Propane/propylene inventories increased 0.9 million barrels from last week and are 24% above the five year average for this time of year. Total commercial petroleum inventories decreased by 1.1 million barrels last week. 

Total products supplied over the last four-week period averaged 20.3 million barrels a day, up by 1.0% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.1 million barrels a day, up by 4.6% from the same period last year. Distillate fuel product supplied averaged 3.4 million barrels a day over the past four weeks, down by 8.3% from the same period last year. Jet fuel product supplied was up 7.2% compared with the same four-week period last year.

The West Texas Intermediate crude oil price was $75.44 per barrel on July 14, 2023, $1.53 more than the price one week ago, but $24.15 below the price last year. The spot price for conventional gasoline at New York Harbor declined to $2.583 per gallon, $0.029 less than last week, and $0.836 less than the price last year. The New York Harbor spot price for ultra-low sulfur diesel fuel rose $0.030 to $2.595 per gallon, $1.194 less than the price one year ago.

The national average retail price for regular gasoline was $3.559 per gallon on July 17, 2023, $0.013 more than the price last week, but $0.944 less than the price a year ago. The national average retail price for diesel fuel remained flat at $3.806 per gallon, $1.626 below the price last year.

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