2023-02-10 12:05:00
U.S. OIL INVENTORIES UP BY 2.4 MB TO 455.1 MB
U.S. EIA - Feb. 8, 2023 - Data for week ending Feb. 3, 2023
Summary of Weekly Petroleum Status Report
U.S. crude oil refinery inputs averaged 15.4 million barrels per day during the week ending February 3, 2023 which was 448 thousand barrels per day more than the previous week’s average. Refineries operated at 87.9% of their operable capacity last week. Gasoline production decreased last week, averaging 9.1 million barrels per day. Distillate fuel production slightly decreased last week, still averaging 4.7 million barrels per day.
U.S. crude oil imports averaged 7.1 million barrels per day last week, decreased by 225,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.8 million barrels per day, 2.5% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 989,000 barrels per day, and distillate fuel imports averaged 692,000 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 455.1 million barrels, U.S. crude oil inventories are about 4% above the five year average for this time of year. Total motor gasoline inventories increased by 5.0 million barrels from last week and are about 6% below the five year average for this time of year. Finished gasoline inventories decreased, while blending components inventories increased last week.
Distillate fuel inventories increased by 2.9 million barrels last week and are about 15% below the five year average for this time of year. Propane/ propylene inventories decreased by 4.3 million barrels from last week and are 25% above the five year average for this time of year. Total commercial petroleum inventories increased by 3.4 million barrels last week.
Total products supplied over the last four-week period averaged 20.1 million barrels a day, down by 8.2% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.3 million barrels a day, down by 2.8% from the same period last year. Distillate fuel product supplied averaged 3.8 million barrels a day over the past four weeks, down by 16.0% from the same period last year. Jet fuel product supplied was up 6.6% compared with the same four-week period last year.
The West Texas Intermediate crude oil price decreased to $73.40 per barrel on February 3, 2023, $6.33 less than one week ago, and $18.87 less than one year ago. The spot price for conventional gasoline at New York Harbor fell $0.235 to $2.457 per gallon, and was $0.269 lower than the price last year.
The New York Harbor spot price for No. 2 heating oil dropped $0.435 to $2.630 per gallon, and was $0.146 less than the price one year ago. The national average retail price for regular gasoline declined to $3.444 per gallon on February 6, 2023, $0.045 below last week’s price, and flat compared to the price last year. The national average retail diesel fuel price fell to $4.539 per gallon, $0.083 less than last week, but $0.588 more than the price one year ago.
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Earlier:
2023, February, 8, 13:05:00
OIL PRICE: BRENT NEAR $85, WTI ABOVE $78
Brent rose 99 cents, or 1.2%, to $84.68 a barrel, WTI climbed 93 cents, or 1.2%, to $78.07.
2023, February, 8, 12:45:00
OIL PRICES 2023-24: $82 - $78
spot price of Brent crude oil falls to an average of $82/b in 2H23 and $78/b in 2024.
2023, February, 3, 10:50:00
U.S. OIL INVENTORIES UP BY 4.1 MB TO 452.7 MB
U.S. commercial crude oil inventories increased by 4.1 million barrels to 452.7 million barrels.
2023, February, 1, 12:30:00
OIL PRICE: BRENT BELOW $86, WTI NEAR $79
Brent gained 8 cents, or 0.1%, to $85.54 a barrel, WTI rose 20 cents, or 0.2%, to $79.07 a barrel.
2023, January, 27, 09:45:00
U.S. OIL INVENTORIES UP BY 0.5 MB TO 448.5 MB
U.S. commercial crude oil inventories increased by 0.5 million barrels to 448.5 million barrels.
2023, January, 25, 10:45:00
OIL PRICE: BRENT BELOW $87, WTI ABOVE $80
Brent rose 22 cents, or 0.3%, to $86.35 per barrel, WTI climbed 13 cents, or 0.2%, to $80.26 per barrel.
2023, January, 11, 11:40:00
OIL PRICES 2023-24: $83 - $78
The Brent crude oil price will average $83 per barrel (b) in 2023, down 18% from 2022, and continue to fall to $78/b in 2024 as global oil inventories build, putting downward pressure on crude oil prices.
