U.S. OIL INVENTORIES DOWN BY 3.3 MB TO 421.7 MB

U.S. EIA -  August 24, 2022  - Data for week ending  August 19, 2022

Summary of Weekly Petroleum Status Report    

U.S. crude oil refinery inputs averaged 16.3 million barrels per day during the week ending August 19, 2022 which was 168,000 barrels per day less than the previous week’s average. Refineries operated at 93.8% of their operable capacity last week. Gasoline production decreased last week, averaging 9.4 million barrels per day. Distillate fuel production increased last week, averaging 5.2 million barrels per day.

U.S. crude oil imports averaged 6.2 million barrels per day last week, increased by 40,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.5 million barrels per day, 1.9% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 615,000 barrels per day, and distillate fuel imports averaged 173,000 barrels per day.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 3.3 million barrels from the previous week. At 421.7 million barrels, U.S. crude oil inventories are about 6% below the five year average for this time of year. Total motor gasoline inventories virtually unchanged from last week and are about 7% below the five year average for this time of year. Finished gasoline inventories increased, but blending components inventories decreased last week.

Distillate fuel inventories decreased by 0.7 million barrels last week and are about 24% below the five year average for this time of year. Propane/ propylene inventories virtually unchanged from last week and are about 11% below the five year average for this time of year. Total commercial petroleum inventories increased by 1.4 million barrels last week.

Total products supplied over the last four-week period averaged 20.0 million barrels a day, down by 4.7% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.9 million barrels a day, down by 7.0% from the same p eriod last year. Distillate fuel product supplied averaged 3.9 million barrels a day over the past four weeks, down by 2.3% from the same period last year. Jet fuel product supplied was up 7.3% compared with the same four-week period last year. 

The West Texas Intermediate crude oil price was $93.55 per barrel on August 19, 2022, $1.31 below last week’s price but $31.30 more than a year ago. The spot price for conventional gasoline in the New York Harbor was $3.028 per gallon, $0.089 less than last week’s price but $1.020 above a year ago. The spot price for ultra-low sulfur diesel fuel in the New York Harbor was $3.689 per gallon, $0.177 above last week’s price and $1.792 over a year ago.

The national average retail regular gasoline price decreased to $3.880 per gallon on August 22, 2022, $0.058 below last week’s price but $0.735 over a year ago. The national average retail diesel fuel price decreased to $4.909 per gallon, $0.002 per gallon less than last week’s price but $1.585 higher than a year ago.

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