U.S. OIL INVENTORIES UP BY 2.4 MB TO 429.6 MB

U.S. EIA -  Sept. 14, 2022  - Data for week ending  Sept. 9, 2022

Summary of Weekly Petroleum Status Report   

U.S. crude oil refinery inputs averaged 16.0 million barrels per day during the week ending September 9, 2022 which was 94,000 barrels per day more than the previous week’s average. Refineries operated at 91.5% of their operable capacity last week. Gasoline production decreased last week, averaging 9.5 million barrels per day. Distillate fuel production decreased last week, averaging 5.0 million barrels per day.

U.S. crude oil imports averaged 5.8 million barrels per day last week, decreased by 988,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.2 million barrels per day, 2.6% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 522,000 barrels per day, and distillate fuel imports averaged 125,000 barrels per day.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 2.4 million barrels from the previous week. At 429.6 million barrels, U.S. crude oil inventories are about 2% below the five year average for this time of year. Total motor gasoline inventories decreased by 1.8 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 increased by 4.2 million barrels last week and are about 21% below the five year average for this time of year. Propane/propylene inventories increased by 3.8 million barrels from last week and are about 6% below the five year average for this time of year. Total commercial petroleum inventories increased by 5.5 million barrels last week.

Total products supplied over the last four-week period averaged 19.7 million  barrels a day, down by 7.0% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.6 million barrels a day, down by 9.0% from the same period last year. Distillate fuel product supplied averaged 3.6 million barrels a day over the past four weeks, down by 11.0% from the same period last year. Jet fuel product supplied was up 2.5% compared with the same four-week period last year. 

The West Texas Intermediate crude oil price was $87.27 per barrel on September 9, 2022, $0.02 below last week’s price but $17.45 more than a year ago. The spot price for conventional gasoline in the New York Harbor was $2.672 per gallon, $0.048 more than last week’s price and $0.365 above a year ago. The spot price for ultra-low sulfur diesel fuel in the New York Harbor was $3.604 per gallon, $0.063 below last week’s price but $1.464 over a year ago.

The national average retail regular gasoline price decreased to $3.690 per gallon on September 12, 2022, $0.056 below last week’s price but $0.525 over a year ago. The national average retail diesel fuel price decreased to $5.033 per gallon, $0.051 per gallon less than last week’s price but $1.661 higher than a year ago.

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