U.S. crude oil refinery inputs averaged 16.1 million barrels per day during the week ending December 23, 2022 which was 173,000 barrels per day more than the previous week’s average. Refineries operated at 92.0% of their operable capacity last week. Gasoline production increased last week, averaging 10.1 million barrels per day. Distillate fuel production slightly decreased last week, still averaging 5.1 million barrels per day. U.S. crude oil imports averaged 6.3 million barrels per day last week, increased by 433,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.2 million barrels per day, 3.8% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 536,000 barrels per day, and distillate fuel imports averaged 160,000 barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 0.7 million barrels from the previous week. At 419.0 million barrels, U.S. crude oil inventories are about 6% below the five year average for this time of year. Total motor gasoline inventories decreased by 3.1 million barrels from last week and are about 4% below the five year average for this time of year. Finished gasoline inventories increased, while blending components inventories decreased last week. Distillate fuel inventories increased by 0.3 million barrels last week and are about 7% below the five year average for this time of year. Propane/propylene inventories decreased by 3.0 million barrels from last week and are 18% above the five year average for this time of year. Total commercial petroleum inventories decreased by 11.2 million barrels last week. Total products supplied over the last four-week period averaged 20.8 million barrels a day, down by 2.8% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.7 million barrels a day, down by 6.7% from the same period last year. Distillate fuel product supplied averaged 3.8 million barrels a day over the past four weeks, down by 6.9% from the same period last year. Jet fuel product supplied was up 8.6% compared with the same four-week period last year. The West Texas Intermediate crude oil price was $79.57 per barrel on December 23, 2022, $5.38 more than last week’s price. The spot price for conventional gasoline in the New York Harbor increased to $2.464 per gallon, $0.227 higher than last week’s price. The New York Harbor spot price for No. 2 heating oil rose to $3.071 per gallon, $0.138 more than a week ago. The national average retail price for regular gasoline was $3.091 per gallon on December 26, 2022, $0.029 less than the previous week, and $0.184 lower than the year-ago price. The national average retail diesel fuel price fell $0.059 to $4.537 per gallon, but was $1.372 higher than last year at the same time.
CRUDE OIL WEEKLY UPDATE (Week Ending 12-30-22)
- Crude Oil, Natural Gas & Crude Oil Weekly Update
- Published on
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