Crude Inventory Increased 700 Thousand Barrels Last Week, Says EIA

• Crude Inventory 718K Barrels vs -940K Expected
• Cushing -195K
• Gasoline -3.1M vs -320K Expected
• Distillate 283K vs -2.18M Expected

Summary of Weekly Petroleum Data for the week ending December 23, 2022

U.S. crude oil refinery inputs averaged 16.1 million barrels per day during the week ending December 23, 2022 which was 173,000 barrels per day more than the previous week’s average. Refineries operated at 92.0% of their operable capacity last week. Gasoline production increased last week, averaging 10.1 million barrels per day. Distillate fuel production slightly decreased last week, still averaging 5.1 million barrels per day.

U.S. crude oil imports averaged 6.3 million barrels per day last week, increased by 433,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.2 million barrels per day, 3.8% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 536,000 barrels per day, and distillate fuel imports averaged 160,000 barrels per day.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 0.7 million barrels from the previous week. At 419.0 million barrels, U.S. crude oil inventories are about 6% below the five year average for this time of year. Total motor gasoline inventories decreased by 3.1 million barrels from last week and are about 4% 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 0.3 million barrels last week and are about 7% below the five year average for this time of year. Propane/propylene inventories decreased by 3.0 million barrels from last week and are 18% above the five year average for this time of year. Total commercial petroleum inventories decreased by 11.2 million barrels last week.

Total products supplied over the last four-week period averaged 20.8 million barrels a day, down by 2.8% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.7 million barrels a day, down by 6.7% from the same period last year. Distillate fuel product supplied averaged 3.8 million barrels a day over the past four weeks, down by 6.9% from the same period last year. Jet fuel product supplied was up 8.6% compared with the same four-week period last year.

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