Crude Inventory Climbed 7.6 Million Barrels Last Week, Says EIA

• Crude Inventory 7.65M Barrels vs 2.33M Expected
• Cushing 700K
• Gasoline -1.86M vs 238K Expected
• Distillate 2.7M vs -914K Expected

Summary of Weekly Petroleum Data for the week ending February 17, 2023

U.S. crude oil refinery inputs averaged 15.0 million barrels per day during the week ending February 17, 2023 which was 17 thousand barrels per day less than the previous week’s average. Refineries operated at 85.9% of their operable capacity last week. Gasoline production increased last week, averaging 9.4 million barrels per day. Distillate fuel production increased last week, averaging 4.7 million barrels per day.

U.S. crude oil imports averaged 6.3 million barrels per day last week, increased by 94,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.7 million barrels per day, 3.1% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 476,000 barrels per day, and distillate fuel imports averaged 414,000 barrels per day.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 7.6 million barrels from the previous week. At 479.0 million barrels, U.S. crude oil inventories are about 9% above the five year average for this time of year. Total motor gasoline inventories decreased by 1.9 million barrels from last week and are about 5% below the five year average for this time of year. Both Finished gasoline and blending components inventories decreased last week. Distillate fuel inventories increased by 2.7 million barrels last week and are about 12% below the five year average for this time of year. Propane/propylene inventories decreased by 3.0 million barrels from last week and are 33% above the five year average for this time of year. Total commercial petroleum inventories increased by 3.3 million barrels last week.

Total products supplied over the last four-week period averaged 20.0 million barrels a day, down by 8.4% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.5 million barrels a day, down by 1.4% from the same period last year. Distillate fuel product supplied averaged 3.8 million barrels a day over the past four weeks, down by 13.7% from the same period last year. Jet fuel product supplied was up 0.6% compared with the same four-week period last year.

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