U.S. crude oil refinery inputs averaged 16.6 million barrels per day during the week ending September 1, 2023, which was 20 thousand barrels per day more than the previous week’s average. Refineries operated at 93.1% of their operable capacity last week. Gasoline production decreased last week, averaging 9.8 million barrels per day. Distillate fuel production decreased last week, averaging 5.0 million barrels per day. U.S. crude oil imports averaged 6.8 million barrels per day last week, increased by 154 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.9 million barrels per day, 9.7% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 982 thousand barrels per day, and distillate fuel imports averaged 130 thousand barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 6.3 million barrels from the previous week. At 416.6 million barrels, U.S. crude oil inventories are about 4% below the five year average for this time of year. Total motor gasoline inventories decreased by 2.7 million barrels from last week and are about 5% below the five year average for this time of year. Finished gasoline and blending components inventories decreased last week. Distillate fuel inventories increased by 0.7 million barrels last week and are about 14% below the five year average for this time of year. Propane/propylene inventories increased 0.5 million barrels from last week and are 18% above the five year average for this time of year. Total commercial petroleum inventories increased by 0.4 million barrels last week. Total products supplied over the last four-week period averaged 21.1 million barrels a day, up by 4.9% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.0 million barrels a day, up by 3.0% from the same period last year. Distillate fuel product supplied averaged 3.8 million barrels a day over the past four weeks, up by 0.3% from the same period last year. Jet fuel product supplied was up 3.2% compared with the same four-week period last year. The West Texas Intermediate crude oil price was $85.52 per barrel on September 1, 2023, $5.05 higher than last week’s price, but $1.77 less than the price a year ago. The spot price for conventional gasoline at New York Harbor fell to $2.648 per gallon, $0.275 below the price a week ago, but $0.024 more than the price a year ago. The New York Harbor spot price for ultra-low sulfur diesel fuel fell $0.204 to $3.110 per gallon, $0.557 less than the year-ago price. The national average retail price for regular gasoline was $3.807 per gallon on September 4, 2023, $0.006 less than a week prior, but $0.061 higher than the price last year. The national average retail price for diesel fuel increased to $4.492 per gallon, $0.017 more than a week ago, but $0.592 below last year’s price.
CRUDE OIL WEEKLY UPDATE (Week Ending 09-08-23)
- Crude Oil, Natural Gas & Crude Oil Weekly Update
- Published on
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