U.S. OIL INVENTORIES DOWN BY 3.7 MB TO 470.0 MB

U.S. EIA -   Apr 5, 2023  - Data for week ending  Mar. 31, 2023

Summary of Weekly Petroleum Status Report   

U.S. crude oil refinery inputs averaged 15.6 million barrels per day during the week ending March 31, 2023 which was 198 thousand barrels per day less than the previous week’s average. Refineries operated at 89.6% of their operable capacity last week. Gasoline production decreased last week, averaging 9.9 million barrels per day. Distillate fuel production increased last week, averaging 4.7 million barrels per day.

U.S. crude oil imports averaged 7.1 million barrels per day last week, increased by 1.8 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.2 million barrels per day, 2.3% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 713,000 barrels per day, and distillate fuel imports averaged 115,000 barrels per day.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 3.7 million barrels from the previous week. At 470.0 million barrels, U.S. crude oil inventories are about 4% above the five year average for this time of year. Total motor gasoline inventories decreased by 4.1 million barrels from last week and are about 7% below the five year average for this time of year. Both finished gasoline and blending components inventories decreased last week. Distillate fuel inventories decreased by 3.6 million barrels last week and are about 12% below the five year average for this time of year. Propane/propylene inventories decreased by 0.5 million barrels from last week and are 31% above the five year average for this time of year. Total commercial petroleum inventories decreased by 11.0 million barrels last week.

Total products supplied over the last four-week period averaged 20.1 million barrels a day, down by 1.5% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.0 million barrels a day, up by 3.9% from the same period last year. Distillate fuel product supplied averaged 3.9 million barrels a day over the past four weeks, down by 0.1% from the same period last year. Jet fuel product supplied was up 6.1% compared with the same four-week period last year.

The West Texas Intermediate crude oil price was $75.68 per barrel on March 31, 2023, $6.46 higher than last week’s price, but $23.64 less than the price one year ago. The spot price for conventional gasoline at New York Harbor was $2.596 per gallon, $0.073 more than last week, but $0.475 below than the price last year. The New York Harbor spot price for No. 2 heating oil fell $0.106 to $2.434 per gallon but was $0.904 less than the price one year ago. 

The national average retail price for regular gasoline was $3.497 per gallon on April 3, 2023, $0.076 higher than last week’s price, but $0.673 less than the price last year. The national average retail diesel fuel price declined $0.023 to $4.105 per gallon, $1.039 less than the price a year ago. 

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