U.S. OIL INVENTORIES UP BY 1.1 MB TO 481.2 MB

U.S. EIA -   Mar. 22, 2023  - Data for week ending  Mar. 17, 2023

Summary of Weekly Petroleum Status Report     

U.S. crude oil refinery inputs averaged 15.4 million barrels per day during the week ending March 17, 2023 which was 21 thousand barrels per day less than the previous week’s average. Refineries operated at 88.6% 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 4.5 million barrels per day.

U.S. crude oil imports averaged 6.2 million barrels per day last week, decreased by 45,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.2 million barrels per day, 0.4% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 471,000 barrels per day, and distillate fuel imports averaged 222,000 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 481.2 million barrels, U.S. crude oil inventories are about 8% above the five year average for this time of year. Total motor gasoline inventories decreased by 6.4 million barrels from last week and are about 4% below the five year average for this time of year. Finished gasoline and blending components inventories decreased last week. Distillate fuel inventories decreased by 3.3 million barrels last week and are about 9% below the five year average for this time of year. Propane/propylene inventories decreased by 2.3 million barrels from last week and are 37% above the five year average for this time of year. Total commercial petroleum inventories decreased by 10.4 million barrels last week.

Total products supplied over the last four-week period averaged 19.7 million barrels a day, down by 6.2% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.8 million barrels a day, down by 0.2% from the same period last year. Distillate fuel product supplied averaged 3.8 million barrels a day over the past four weeks, down by 12.7% from the same period last year. Jet fuel product supplied was up 6.7% compared with the same four-week period last year. 

The West Texas Intermediate crude oil price was $66.61 per barrel on March 17, 2023, $9.94 less than the previous week’s price, and $38.08 below the price one year ago. The spot price for conventional gasoline at New York Harbor was $2.347 per gallon, $0.158 less than a week ago, and $0.786 less than a year ago. The New York Harbor spot price for No. 2 heating oil fell $0.088 to $2.530 per gallon, $1.104 less than the price last year. 

The national average retail price for regular gasoline fell to $3.422 per gallon on March 20, 2023, $0.034 lower than last week’s price, and $0.817 less than the price last year. The national average retail diesel fuel price dropped to $4.185 per gallon, $0.062 less than last week, and $0.949 lower than the price one year ago.

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