U.S. OIL INVENTORIES UP BY 2.3 MB TO 420.9 MB

U.S. EIA -  Oct. 6, 2021  - Data for week ending  Oct. 1, 2021

Summary of Weekly Petroleum Status Report       

U.S. crude oil refinery inputs averaged 15.7 million barrels per day during the week ending October 1, 2021 which was 330,000 barrels per day more than the previous week’s average. Refineries operated at 89.6% of their operable capacity last week. Gasoline production decreased last week, averaging 9.4 million barrels per day. Distillate fuel production increased last week, averaging 4.8 million barrels per day.

U.S. crude oil imports averaged 7.0 million barrels per day last week, up by 483,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.5 million barrels per day, 22.7% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 1.1 million barrels per day, and distillate fuel imports averaged 298,000 barrels per day.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 2.3 million barrels from the previous week. At 420.9 million barrels, U.S. crude oil inventories are about 7% below the five year average for this time of year. Total motor gasoline inventories increased by 3.3 million barrels last week and are about 1% below the five year average for this time of year. Finished gasoline inventories decreased while blending components inventories increased last week. Distillate fuel inventories decreased by 0.4 million barrels last week and are about 11% below the five year average for this time of year. Propane/propylene inventories decreased by 0.6 million barrels last week and are about 20%  below the five year average for this time of year. Total commercial petroleum inventories increased by 0.8 million barrels last week.

Total products supplied over the last four-week period averaged 20.7 million barrels a day, up by 16.4% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.2 million barrels a day, up by 6.4% from the same period last year. Distillate fuel product supplied averaged 4.1 million barrels a day over the past four weeks, up by 15.9% from the same period last year. Jet fuel product supplied was up 64.1% compared with the same four-week period last year.

The West Texas Intermediate crude oil price was $76.01 per barrel on October 1, 2021, $1.83 above last week’s price and $39.11 more than a year ago. The spot price for conventional gasoline in the New York Harbor was $2.346 per gallon, $0.083 more than last week’s price and $1.159 above a year ago. The spot price for No. 2 heating oil in the New York Harbor was $2.266 per gallon, $0.131 above last week’s price and $1.223 over a year ago.

The national average retail regular gasoline price was $3.190 per gallon on October 4, 2021, $0.015 per gallon more than last week’s price and $1.018 over a year ago. The national average retail diesel fuel price was $3.477 per gallon, $0.071 above last week’s price and $1.090 over a year ago.

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