U.S. OIL INVENTORIES UP BY 2.6 MB TO 439.9 MB

U.S. EIA -  Oct. 26, 2022  - Data for week ending  Oct. 21, 2022

Summary of Weekly Petroleum Status Report 

U.S. crude oil refinery inputs averaged 15.4 million barrels per day during the week ending October 21, 2022 which was 114,000 barrels per day less than the previous week’s average. Refineries operated at 88.9% of their operable capacity last week. Gasoline production increased last week, averaging 9.4 million barrels per day. Distillate fuel production decreased last week, averaging 5.0 million barrels per day.

U.S. crude oil imports averaged 6.2 million barrels per day last week,  increased by 0.3 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.0 million barrels per day, 4.0% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 655,000 barrels per day, and distillate fuel imports averaged 139,000 barrels per day. 

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 2.6 million barrels from the previous week. At 439.9 million barrels, U.S. crude oil inventories are about 2% below the five year average for this time of year. Total motor gasoline inventories decreased by 1.5 million barrels from last week and are about 6% below the five year average for this time of year. Finished gasoline inventories decreased, but blending components inventories increased last week. 

Distillate fuel inventories increased by 0.2 million barrels last week and are about 20% below the five year average for this time of year. Propane/ propylene inventories increased by 0.9 million barrels from last week and are 3% above the five year average for this time of year. Total commercial  petroleum inventories decreased by 1.7 million barrels last week.

Total products supplied over the last four-week period averaged 20.4 million barrels a day, down by 1.9% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.8 million barrels a day, down by 5.9% from the same period last year. Distillate fuel product supplied averaged 4.1 million barrels a day over the past four weeks, down by 0.1% from the same period last year. Jet fuel product supplied was up 3.3% compared with the same four-week period last year.

The West Texas Intermediate crude oil price was $85.47 per barrel on October 21, 2022, $0.63 below last week’s price but $0.94 more than a year ago. The spot price for conventional gasoline in the New York Harbor was $2.949 per gallon, $0.034 less than last week’s price but $0.378 above a year ago. The spot price for No. 2 heating oil in the New York Harbor was $4.144 per gallon, $0.393 below last week’s price but $1.730 over a year ago. 

The national average retail regular gasoline price decreased to $3.769 per gallon on October 24, 2022, $0.102 below last week’s price but $0.386 over a year ago. The national average retail diesel fuel price increased to $5.341 per gallon, $0.002 per gallon higher than last week’s price and $1.628 higher than a year ago.

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