U.S. OIL INVENTORIES UP BY 1.1 MB TO 430.8 MB

U.S. EIA -  Sept. 21, 2022  - Data for week ending  Sept. 16, 2022

Summary of Weekly Petroleum Status Report    

U.S. crude oil refinery inputs averaged 16.4 million barrels per day during the week ending September 16, 2022 which was 333,000 barrels per day more than the previous week’s average. Refineries operated at 93.6% 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 5.2 million barrels per day.

U.S. crude oil imports averaged 6.9 million barrels per day last week, increased by 1.2 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.4 million barrels per day, 4.5% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 775,000 barrels per day, and distillate fuel imports averaged 107,000 barrels per day. 

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 1.1 million barrels from the previous week. At 430.8 million barrels, U.S. crude oil inventories are about 2% below the five year average for this time of year. Total motor gasoline inventories increased by 1.6 million barrels from last week and are about 5% below the five year average for this time of year. Both finished gasoline and blending components inventories increased last week. Distillate fuel inventories increased by 1.2 million barrels last week and are about 18% below the five year average for this time of year. Propane/propylene inventories increased by 3.3 million barrels from last week and are about 2% below the five year average for this time of year. Total commercial petroleum inventories increased by 9.2 million barrels last week. 

Total products supplied over the last four-week period averaged 19.6 million barrels a day, down by 6.7% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.5 million barrels a day, down by 7.7% from the same period last year. Distillate fuel product supplied averaged 3.4 million barrels a day over the past four weeks, down by 15.7% from the same period last year. Jet fuel product supplied was down 4.7% compared with the same four-week period last year. 

The West Texas Intermediate crude oil price was $85.57 per barrel on September 16, 2022, $1.70 below last week’s price but $13.48 more than a year ago. The spot price for conventional gasoline in the New York Harbor was $2.621 per gallon, $0.051 less than last week’s price but $0.331 above a year ago. The spot price for ultra-low sulfur diesel fuel in the New York Harbor was $3.194 per gallon, $0.410 below last week’s price but $0.986 over a year ago.

The national average retail regular gasoline price decreased to $3.654 per gallon on September 19, 2022, $0.036 below last week’s price but $0.470 over a year ago. The national average retail diesel fuel price decreased to $4.964 per gallon, $0.069 per gallon less than last week’s price but $1.579 higher than a year ago.

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