U.S. OIL INVENTORIES DOWN BY 1.4 MB TO 429.2 MB

U.S. EIA -  Oct. 5, 2022  - Data for week ending  Sept. 30, 2022

Summary of Weekly Petroleum Status Report    

U.S. crude oil refinery inputs averaged 16.0 million barrels per day during the week ending September 30, 2022 which was 210,000 barrels per day more than the previous week’s average. Refineries operated at 91.3% of their operable capacity last week. Gasoline production increased last week, averaging 10.0 million barrels per day. Distillate fuel production increased last week, averaging 5.2 million barrels per day.

U.S. crude oil imports averaged 5.9 million barrels per day last week, decreased by 0.5 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.3 million barrels per day, 2.6% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 480,000 barrels per day, and distillate fuel imports averaged 81,000 barrels per day. 

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 1.4 million barrels from the previous week. At 429.2 million barrels, U.S. crude oil inventories are about 3% below the five year average for this time of year. Total motor gasoline inventories decreased by 4.7 million barrels from last week and are about 9% below the five year average for this time of year. Both Finished gasoline and blending components inventories decreased last week. Distillate fuel inventories decreased by 3.4 million barrels last week and are about 21% below the five year average for this time of year. Propane/propylene inventories increased by increased by 1.6 million barrels from last week and are at the five year average for this time of year. Total commercial petroleum inventories decreased by 10.0 million barrels last week. 

Total products supplied over the last four-week period averaged 20.0 million barrels a day, down by 3.8% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.8 million barrels a day, down by 4.1% from the same period last year. Distillate fuel product supplied averaged 3.7 million barrels a day over the past four weeks, down by 10.5% from the same period last year. Jet fuel product supplied was up 2% compared with the same four-week period last year. 

The West Texas Intermediate crude oil price was $79.91 per barrel on September 30, 2022, $0.84 above last week’s price and $3.90 more than a year ago. The spot price for conventional gasoline in the New York Harbor was $2.692 per gallon, $0.154 more than last week’s price and $0.346 above a year ago. The spot price for No. 2 heating oil in the New York Harbor was $3.240 per gallon, $0.165 above last week’s price and $0.974 over a year ago.

The national average retail regular gasoline price increased to $3.782 per gallon on October 3, 2022, $0.071 above last week’s price and $0.592 over a year ago. The national average retail diesel fuel price decreased to $4.836 per gallon, $0.053 per gallon less than last week’s price but $1.359 higher than a year ago.

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