Crude Oil Summary (EIA):
U.S. crude oil refinery inputs averaged 15.8 million barrels per day during the week ending April 14, 2023 which was 260 thousand barrels per day more than the previous week’s average. Refineries operated at 91.0% of their operable capacity last week. Gasoline production decreased last week, averaging 9.5 million barrels per day. Distillate fuel production increased last week, averaging 4.8 million barrels per day. U.S. crude oil imports averaged 6.3 million barrels per day last week, increased by 101,000 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% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 700,000 barrels per day, and distillate fuel imports averaged 113,000 barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 4.6 million barrels from the previous week. At 466.0 million barrels, U.S. crude oil inventories are about 2% above the five year average for this time of year. Total motor gasoline inventories increased by 1.3 million barrels from last week and are about 6% below the five year average for this time of year. Both finished gasoline and blending components inventories increased last week. Distillate fuel inventories decreased by 0.4 million barrels last week and are about 11% below the five year average for this time of year. Propane/propylene inventories decreased by 0.7 million barrels from last week and are 27% above the five year average for this time of year. Total commercial petroleum inventories decreased by 0.4 million barrels last week. Total products supplied over the last four-week period averaged 19.9 million barrels a day, up by 2.5% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.0 million barrels a day, up by 3.5% from the same period last year. Distillate fuel product supplied averaged 3.9 million barrels a day over the past four weeks, up by 4.9% from the same period last year. Jet fuel product supplied was up 5.4% compared with the same four-week period last year. The price for West Texas Intermediate crude oil was $82.58 per barrel on April 14, 2023. Spot market prices for conventional gasoline and ultra-low sulfur diesel fuel at New York Harbor were $2.901 per gallon and $2.663 per gallon, respectively. The national average retail price for regular gasoline was $3.663 per gallon on April 17, 2023, $0.067 higher than last week’s price, but $0.403 less than the price last year. The national average retail price for diesel fuel rose $0.018 to $4.116 per gallon, $0.985 less than the price a year ago.
