U.S. OIL INVENTORIES UP BY 1.3 MB TO 415.7 MB

U.S. EIA -  May 4, 2022  - Data for week ending  Apr. 29, 2022

Summary of Weekly Petroleum Status Report 

U.S. crude oil refinery inputs averaged 15.5 million barrels per day during the week ending April 29, 2022 which was 218,000 barrels per day less than the previous week’s average. Refineries operated at 88.4% of their operable capacity last week. Gasoline production increased last week, averaging 9.7 million barrels per day. Distillate fuel production decreased last week, averaging 4.7 million barrels per day.

U.S. crude oil imports averaged 6.3 million barrels per day last week, up by 397,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.0 million barrels per day, 3.3% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 1.1 million barrels per day, and distillate fuel imports averaged 91,000 barrels per day.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 1.3 million barrels from the previous week. At 415.7 million barrels, U.S. crude oil inventories are about 15% below the five year average for this time of year. Total motor gasoline inventories decreased by 2.2 million barrels last week and are about 4% below the five year average for this time of year. Finished gasoline inventories increased while blending components inventories decreased last week. Distillate fuel inventories decreased by 2.3 million barrels last week and are about 22% below the five year average for this time of year. Propane/propylene inventories increased by 1.6 million barrels last week and are about 11%   below the five year average for this time of year. Total commercial petroleum inventories increased by 2.6 million barrels last week. 

Total products supplied over the last four-week period averaged 19.3 million barrels a day, down by 2.6% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.8 million barrels a day, down by 1.7% from the same period last year. Distillate fuel product supplied averaged 3.8 million barrels a day over the past four weeks, down by 8.2% from the same period last year. Jet fuel product supplied was up 28.2% compared with the same four-week period last year. 

The West Texas Intermediate crude oil price was $104.59 per barrel on April 29, 2022, $1.73 above last week’s price and $41.09 more than a year ago. The spot price for conventional gasoline in the New York Harbor was $3.433 per gallon, $0.366 more than last week’s price and $1.378 above a year ago. The spot price for ultra-low sulfur diesel fuel in the New York Harbor was $4.624 per gallon, $0.523 above last week’s price and $2.705 over a year ago.

The national average retail regular gasoline price increased to $4.182 per gallon on May 2, 2022, $0.075 above last week’s price and $1.292 over a year ago. The national average retail diesel fuel price increased to $5.509 per gallon, $0.349 per gallon more than last week’s price and $2.367 higher than a year ago.

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