Crude Inventory Climbed 19 Million Barrels Last Week, Says EIA

(Updated - January 11, 2023 10:31 AM EST)

• Crude Inventory 19M Barrels vs -720K Expected
• Cushing 2.5M
• Gasoline 4.1M vs 703K Expected
• Distillate -1.07M vs -671K Expected

Summary of Weekly Petroleum Data for the week ending January 6, 2023

U.S. crude oil refinery inputs averaged 14.7 million barrels per day during the week ending January 6, 2023 which was 831 thousand barrels per day more than the previous week’s average. Refineries operated at 84.1% of their operable capacity last week. Gasoline production slightly increased last week, still averaging 8.5 million barrels per day. Distillate fuel production increased last week, averaging 4.5 million barrels per day.

U.S. crude oil imports averaged 6.4 million barrels per day last week, increased by 637,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.0 million barrels per day, 3.1% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 516,000 barrels per day, and distillate fuel imports averaged 209,000 barrels per day.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 19 million barrels from the previous week. At 439.6 million barrels, U.S. crude oil inventories are about 1% above the five year average for this time of year. Total motor gasoline inventories increased by 4.1 million barrels from last week and are about 7% below the five year average for this time of year. Finished gasoline and blending components inventories both increased last week. Distillate fuel inventories decreased by 1.1 million barrels last week and are about 18% below the five year average for this time of year. Propane/propylene inventories decreased by 2.1 million barrels from last week and are 18% above the five year average for this time of year. Total commercial petroleum inventories increased by 22.4 million barrels last week.

Total products supplied over the last four-week period averaged 19.9 million barrels a day, down by 4.3% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.3 million barrels a day, down by 4.8% from the same period last year. Distillate fuel product supplied averaged 3.6 million barrels a day over the past four weeks, down by 5.5% from the same period last year. Jet fuel product supplied was down 0.8% compared with the same four-week period last year.

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