U.S. OIL INVENTORIES UP BY 3.9 MB TO 440.8 MB

U.S. EIA -  Nov. 9, 2022  - Data for week ending  Nov. 4, 2022

Summary of Weekly Petroleum Status Report 

U.S. crude oil refinery inputs averaged 16.1 million barrels per day during the week ending November 4, 2022 which was 247,000 barrels per day more than the previous week’s average. Refineries operated at 92.1% of their operable capacity last week. Gasoline production increased last week, averaging 9.8 million barrels per day. Distillate fuel production increased last week, averaging 5.2 million barrels per day.

U.S. crude oil imports averaged 6.5 million barrels per day last week, increased by 249 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.2 million barrels per day, 1.6% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 489,000 barrels per day, and distillate fuel imports averaged 328,000 barrels per day. 

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 3.9 million barrels from the previous week. At 440.8 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 0.9 million barrels from last week and are about 6% 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 0.5 million barrels last week and are about 17% below the five year average for this time of year. Propane/propylene inventories decreased by 0.3 million barrels from last week and are 4% above the five year average for this time of year. Total commercial petroleum inventories decreased by   0.8 million barrels last week.

Total products supplied over the last four-week period averaged 20.8 million barrels a day, up by 2.7% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.8 million barrels a day, down by 6.5% from the same period last year. Distillate fuel product supplied averaged 4.1 million barrels a day over the past four weeks, up by 1.6% from the same period last year. Jet fuel product supplied was down 3.1% compared with the same four-week period last year.

The West Texas Intermediate crude oil price was $92.58 per barrel on November 4, 2022, $4.73 above last week’s price and $11.33 more than a year ago. The spot price for conventional gasoline in the New York Harbor was $3.232 per gallon, $0.080 more than last week’s price and $0.774 above a year ago. The spot price for No. 2 heating oil in the New York Harbor was $4.551 per gallon, $0.011 above last week’s price and $2.236 over a year ago.

The national average retail regular gasoline price increased to $3.796 per gallon on November 7, 2022, $0.054 above last week’s price and $0.386 over a year ago. The national average retail diesel fuel price increased to $5.333 per gallon, $0.016  per gallon higher than last week’s price and $1.603 higher than a year ago.

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