Crude Inventory Data Shows 1.7 Million Barrel Decrease Last Week

• Crude -1.69M Barrels vs 119K expected
• Cushing -890K
• Gasoline -1.13M vs -1.8M Expected
• Distillate 138K vs -894K Expected

Summary of Weekly Petroleum Data for the week ending March 3, 2023

U.S. crude oil refinery inputs averaged 15.0 million barrels per day during the week ending March 3, 2023 which was 12 thousand barrels per day less than the previous week’s average. Refineries operated at 86.0% of their operable capacity last week. Gasoline production decreased last week, averaging 9.6 million barrels per day. Distillate fuel production decreased last week, averaging 4.5 million barrels per day.

U.S. crude oil imports averaged 6.3 million barrels per day last week, increased by 63,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.3 million barrels per day, 1.4% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 446,000 barrels per day, and distillate fuel imports averaged 141,000 barrels per day.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 1.7 million barrels from the previous week. At 478.5 million barrels, U.S. crude oil inventories are about 7% above the five year average for this time of year. Total motor gasoline inventories decreased by 1.1 million barrels from last week and are about 3% below the five year average for this time of year. Finished gasoline inventories increased, while blending components inventories decreased last week. Distillate fuel inventories increased by 0.1 million barrels last week and are about 7% below the five year average for this time of year. Propane/propylene inventories decreased by 0.5 million barrels from last week and are 34% above the five year average for this time of year. Total commercial petroleum inventories increased by 1.9 million barrels last week.

Total products supplied over the last four-week period averaged 19.7 million barrels a day, down by 8.4% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.7 million barrels a day, down by 0.2% from the same period last year. Distillate fuel product supplied averaged 3.8 million barrels a day over the past four weeks, down by 14.6% from the same period last year. Jet fuel product supplied was up 2.1% compared with the same four-week period last year.

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