Crude Oil Summary (EIA):
U.S. crude oil refinery inputs averaged 15.7 million barrels per day during the week ending October 7, 2022 which was 279,000 barrels per day less than the previous week’s average. Refineries operated at 89.9% of their operable capacity last week. Gasoline production decreased last week, averaging 9.2 million barrels per day. Distillate fuel production decreased last week, averaging 4.9 million barrels per day. U.S. crude oil imports averaged 6.1 million barrels per day last week, increased by 0.1 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.4 million barrels per day, 2.5% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 699,000 barrels per day, and distillate fuel imports averaged 79,000 barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 9.9 million barrels from the previous week. At 439.1 million barrels, U.S. crude oil inventories are about 1% below the five year average for this time of year. Total motor gasoline inventories increased by 2.0 million barrels from last week and are about 8% below the five year average for this time of year. Finished gasoline inventories decreased, but blending components inventories increased last week. Distillate fuel inventories decreased by 4.9 million barrels last week and are about 23% below the five year average for this time of year. Propane/propylene inventories increased by 1.1 million barrels from last week and are 1% above the five year average for this time of year. Total commercial petroleum inventories increased by 8.0 million barrels last week. Total products supplied over the last four-week period averaged 20.0 million barrels a day, down by 3.8% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.7 million barrels a day, down by 5.5% from the same period last year. Distillate fuel product supplied averaged 4.0 million barrels a day over the past four weeks, down by 3.8% from the same period last year. Jet fuel product supplied was up 3.4% compared with the same four-week period last year. The West Texas Intermediate crude oil price was $93.07 per barrel on October 7, 2022, $13.16 above last week’s price and $13.52 more than a year ago. The spot price for conventional gasoline in the New York Harbor was $3.077 per gallon, $0.385 more than last week’s price and $0.637 above a year ago. The spot price for No. 2 heating oil in the New York Harbor was $4.068 per gallon, $0.828 above last week’s price and $1.730 over a year ago. The national average retail regular gasoline price increased to $3.912 per gallon on October 10, 2022, $0.130 above last week’s price and $0.645 over year ago. The national average retail diesel fuel price increased to $5.224 per gallon, $0.388 per gallon higher than last week’s price and $1.638 higher than a year ago.
