U.S. OIL INVENTORIES UP BY 16.3 MB TO 471.4 MB

U.S. EIA -   Feb. 15, 2023  - Data for week ending  Feb. 10, 2023

Summary of Weekly Petroleum Status Report    

U.S. crude oil refinery inputs averaged 15.0 million barrels per day during the week ending February 10, 2023 which was 383 thousand barrels per day less than the previous week’s average. Refineries operated at 86.5% of their operable capacity last week. Gasoline production slightly decreased last week, still averaging 9.1 million barrels per day.

Distillate fuel production decreased last week, averaging 4.5 million barrels per day. U.S. crude oil imports averaged 6.2 million barrels per day last week, decreased by 826,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.6 million barrels per day, 3.8% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 589,000 barrels per day, and distillate fuel imports averaged 221,000 barrels per day.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 16.3 million barrels from the previous week. At 471.4 million barrels, U.S. crude oil inventories are about 8% above the five year average for this time of year. Total motor gasoline inventories increased by 2.3 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 decreased by 1.3 million barrels last week and are about 15% below the five year average for this time of year. Propane/propylene inventories decreased by 2.6 million barrels from last week and are 29% above the five year average for this time of year. Total commercial petroleum inventories increased by 19.2 million barrels last week.

Total products supplied over the last four-week period averaged 19.8 million barrels a day, down by 10.2% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.3 million barrels a day, down by 3.2% from the same period last year. Distillate fuel product supplied averaged 3.8 million barrels a day over the past four weeks, down by 15.6% from the same period last year. Jet fuel product supplied was up 5.7% compared with the same four-week period last year.

The West Texas Intermediate crude oil price rose to $79.74 per barrel on February 10, 2023, $6.34 higher than a week ago, but $13.36 less than one year ago. The spot price for conventional gasoline at New York Harbor increased $0.174 to $2.631 per gallon, but was $0.181 less the price last year. The New York Harbor spot price for No. 2 heating oil rose $0.054 to $2.684 per gallon, but was $0.176 lower than the price one year ago. 

The national average retail price for regular gasoline declined to $3.390 per gallon on February 13, 2023, $0.054 below last week’s price, and $0.097 lower than the price last year. The national average retail diesel fuel price fell to $4.444 per gallon, $0.095 less than last week, but $0.425 higher than the price one year ago.

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