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2022-02-25 11:10:00

U.S. OIL INVENTORIES UP BY 4.5 MB TO 416.0 MB

U.S. OIL INVENTORIES UP BY 4.5 MB TO 416.0 MB

U.S. EIA -  Feb. 24, 2022  - Data for week ending  Feb. 18, 2022

Summary of Weekly Petroleum Status Report      

U.S. crude oil refinery inputs averaged 15.2 million barrels per day during the week ending February 18, 2022 which was 344,000 barrels per day more than the previous week’s average. Refineries operated at 87.4% of their operable capacity last week. Gasoline production increased last week, averaging 9.3 million barrels per day. Distillate fuel production increased last week, averaging 4.7 million barrels per day.

U.S. crude oil imports averaged 6.8 million barrels per day last week, increased by 1.0 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.5 million barrels per day, 14.1% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 416,000 barrels per day, and distillate fuel imports averaged 416,000 barrels per day.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 4.5 million barrels from the previous week. At 416.0 million barrels, U.S. crude oil inventories are about 9% below the five year average for this time of year. Total motor gasoline inventories decreased by 0.6 million barrels last week and are about 3% below the five year average for this time of year. Finished gasoline and blending components inventories both decreased last week. Distillate fuel inventories decreased by 0.6 million barrels last week and are about 18% below the
five year average for this time of year. Propane/propylene inventories decreased by 3.9 million barrels last week and are about 22% below the five  year average for this time of year. Total commercial petroleum inventories decreased by 1.8 million barrels last week.

Total products supplied over the last four-week period averaged 21.9 million barrels a day, up by 12.1% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.6 million barrels a day, up by 10.7% from the same period last year. Distillate fuel product supplied averaged 4.4 million barrels a day over the past four weeks, up by 3.7% from the same period last year. Jet fuel product supplied was up 40.4% compared with the same four-week period last year.

The West Texas Intermediate crude oil price was $91.26 per barrel on February 18, 2022, $1.84 below last week’s price but $32.14 more than a year ago. The spot price for conventional gasoline in the New York Harbor was $2.743 per gallon, $0.069 less than last week’s price but $0.936 above a year ago. The spot price for No. 2 heating oil in the New York Harbor was $2.659 per gallon, $0.201 below last week’s price but $0.958 over a year ago.

The national average retail regular gasoline price increased to $3.530 per gallon on February 21, 2022, $0.043 above last week’s price and $0.897 over a year ago. The national average retail diesel fuel price increased to $4.055 per gallon, $0.036 per gallon more than last week’s price and $1.082 higher than a year ago.

 

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Earlier:

U.S. OIL INVENTORIES UP BY 4.5 MB TO 416.0 MB
2022, February, 24, 12:30:00
OIL PRICE: ABOVE $103
Brent rose to as much as $103.78 a barrel, WTI jumped $5.48, or 6%, to $97.58 a barrel.
U.S. OIL INVENTORIES UP BY 4.5 MB TO 416.0 MB
2022, February, 18, 11:10:00
U.S. OIL INVENTORIES UP BY 1.1 MB TO 411.5 MB
U.S. commercial crude oil inventories increased by 1.1 million barrels from the previous week to 411.5 million barrels.
U.S. OIL INVENTORIES UP BY 4.5 MB TO 416.0 MB
2022, February, 17, 14:15:00
OIL PRICE: BELOW $93
Brent was down $1.26, or 1.3%, at $93.55 a barrel, WTI was down $1.34, or 1.4%, at $92.32.
U.S. OIL INVENTORIES UP BY 4.5 MB TO 416.0 MB
2022, February, 10, 14:50:00
U.S. OIL INVENTORIES DOWN BY 4.8 MB TO 410.4 MB
U.S. commercial crude oil inventories decreased by 4.8 million barrels from the previous week to 410.4 million barrels.
U.S. OIL INVENTORIES UP BY 4.5 MB TO 416.0 MB
2022, February, 9, 12:25:00
OIL PRICES 2022-23: $87-$68
This dynamic leads to rising global oil inventories from 2Q22 through the end of 2023, and the Brent spot price will fall to an average of $87/b in 2Q22 and $75/b in 4Q22. The Brent price will average $68/b for all of 2023.
U.S. OIL INVENTORIES UP BY 4.5 MB TO 416.0 MB
2022, January, 12, 10:35:00
OIL PRICES 2022-23: $75-$68
Brent crude oil spot prices averaged $71 per barrel (b) in 2021, and we forecast Brent prices will average $75/b in 2022 and $68/b in 2023.
U.S. OIL INVENTORIES UP BY 4.5 MB TO 416.0 MB
2021, December, 8, 16:10:00
OIL PRICES 2021-22: $71-$70
We expect Brent prices will average $71/b in December and $73/b in the first quarter of 2022 (1Q22). For 2022 as a whole, we expect that growth in production from OPEC+, of U.S. tight oil, and from other non-OPEC countries will outpace slowing growth in global oil consumption, especially in light of renewed concerns about COVID-19 variants. We expect Brent prices will remain near current levels in 2022, averaging $70/b.
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Tags: USA, OIL, INVENTORIES