U.S. crude oil refinery inputs averaged 16.5 million barrels per day during the week ending July 21, 2023, which was 107 thousand barrels per day less than the previous week’s average. Refineries operated at 93.4% of their operable capacity last week. Gasoline production decreased last week, averaging 9.5 million barrels per day. Distillate fuel production decreased last week, averaging 4.8 million barrels per day. U.S. crude oil imports averaged 6.4 million barrels per day last week, decreased by 807 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.6 million barrels per day, 1% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 754 thousand barrels per day, and distillate fuel imports averaged 160 thousand barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 0.6 million barrels from the previous week. At 456.8 million barrels, U.S. crude oil inventories are approximately 2% above the five year average for this time of year. Total motor gasoline inventories decreased by 0.8 million barrels from last week and are about 7% below the five year average for this time of year. Finished gasoline inventories decreased, while blending components inventories increased last week. Distillate fuel inventories decreased by 0.2 million barrels last week and are about 14% below the five year average for this time of year. Propane/ propylene inventories increased 1.0 million barrels from last week and are 23% above the five year average for this time of year. Total commercial petroleum inventories decreased by 0.5 million barrels last week. Total products supplied over the last four-week period averaged 20.5 million barrels a day, up by 2.2% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.0 million barrels a day, up by 2.6% from the same period last year. Distillate fuel product supplied averaged 3.5 million barrels a day over the past four weeks, down by 6.8% from the same period last year. Jet fuel product supplied was up 0.5% compared with the same four-week period last year. The West Texas Intermediate crude oil price was $77.06 per barrel on July 21, 2023, $1.62 higher than a week ago, but $20.65 less than the price at the same time last year. The spot price for conventional gasoline at New York Harbor climbed to $2.766 per gallon, $0.183 more than last week, but $0.580 below last year’s price. The New York Harbor spot price for ultra-low sulfur diesel fuel increased $0.146 to $2.741 per gallon, $0.786 less than the price one year ago. The national average retail price for regular gasoline was $3.596 per gallon on July 24, 2023, $0.037 more than last week, but $0.734 less than the yearago price. The national average retail price for diesel fuel rose to $3.905 per gallon, $1.363 less than the price last year.
CRUDE OIL WEEKLY UPDATE (Week Ending 07-28-23)
- Crude Oil, Natural Gas & Crude Oil Weekly Update
- Published on
Pipe Exchange
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