Crude Inventory Declined 3.7 Million Barrels Last Week, Says EIA
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(Updated - November 23, 2022 10:31 AM EST)
- Crude Inventory -3.69M Barrels vs -2.49M Expected
- Cushing -887K
- Gasoline 3.06M vs 965K Expected
- Distillate 1.72M vs 163K Expected
Summary of Weekly Petroleum Data for the week ending November 18, 2022
U.S. crude oil refinery inputs averaged 16.4 million barrels per day during the week ending November 18, 2022 which was 258,000 barrels per day more than the previous week’s average. Refineries operated at 93.9% of their operable capacity last week. Gasoline production decreased last week, still averaging 9.2 million barrels per day. Distillate fuel production increased last week, still averaging 5.1 million barrels per day.
U.S. crude oil imports averaged 7.1 million barrels per day last week, increased by 1.5 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.3 million barrels per day, 1.5% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 585,000 barrels per day, and distillate fuel imports averaged 122,000 barrels per day.
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 3.7 million barrels from the previous week. At 431.7 million barrels, U.S. crude oil inventories are about 5% below the five year average for this time of year. Total motor gasoline inventories increased by 3.1 million barrels from last week and are about 4% below the five year average for this time of year. Both Finished gasoline and blending components inventories increased last week. Distillate fuel inventories increased by 1.7 million barrels last week and are about 13% below the five year average for this time of year. Propane/propylene inventories increased by 1.2 million barrels from last week and are 10% 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 20.7 million barrels a day, up by 0.1% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.7 million barrels a day, down by 7.0% from the same period last year. Distillate fuel product supplied averaged 4.0 million barrels a day over the past four weeks, down by 3.5% from the same period last year. Jet fuel product supplied was down 2.4% compared with the same four-week period last year
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