U.S. OIL INVENTORIES DOWN BY 3.1 MB TO 436.8 MB

U.S. EIA -  Nov. 2, 2022  - Data for week ending  Oct. 28, 2022

Summary of Weekly Petroleum Status Report 

U.S. crude oil refinery inputs averaged 15.8 million barrels per day during the week ending October 28, 2022 which was 406,000 barrels per day more than the previous week’s average. Refineries operated at 90.6% of their operable capacity last week. Gasoline production increased last week, averaging 9.5 million barrels per day. Distillate fuel production increased last week, averaging 5.1 million barrels per day.

U.S. crude oil imports averaged 6.2 million barrels per day last week, increased by 25 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.1 million barrels per day, 0.5% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 286,000 barrels per day, and distillate fuel imports averaged 121,000 barrels per day.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 3.1 million barrels from the previous week. At 436.8 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 1.3 million barrels from last week and are about 6% below the five year average for this time of year. Finished gasoline  inventories increased, but blending components inventories decreased last week. Distillate fuel inventories increased by 0.4 million barrels last week and are about 19% below the five year average for this time of year. Propane/propylene inventories increased by 1.2 million barrels from last week and are 4% above the five year average for this time of year. Total commercial petroleum inventories decreased by 0.7 million barrels last week.

Total products supplied over the last four-week period averaged 20.3 million barrels a day, down by 0.5% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.6 million barrels a day, down by 8.2% from the same period last year. Distillate fuel product supplied averaged 4.1 million barrels a day over the past four weeks, up by 5.1% from the same period last year. Jet fuel product supplied was up 0.7% compared with the same four-week period last year.

The West Texas Intermediate crude oil price was $87.85 per barrel on October 28, 2022, $2.38 above last week’s price and $4.35 more than a year ago. The spot price for conventional gasoline in the New York Harbor was $3.152 per gallon, $0.203 more than last week’s price but $0.615 above a year ago. The spot price for No. 2 heating oil in the New York Harbor was $4.540 per gallon, $0.396 above last week’s price and $2.198 over a year ago.

The national average retail regular gasoline price decreased to $3.742 per gallon on October 31, 2022, $0.027 below last week’s price but $0.352 over a year ago. The national average retail diesel fuel price decreased to $5.317 per gallon, $0.024 per gallon lower than last week’s price but $1.590 higher than a year ago.

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