U.S. crude oil inventories increase by 2.4 million barrels

Weekly Crude Oil Storage as of February 3, 2023

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 2.4 million barrels from the previous week.  At 455.1 million barrels, U.S. crude oil inventories are about 4% above the five year average for this time of year, according to the EIA crude oil and petroleum weekly storage data, reporting inventories as of February 3, 2023.

Summary of weekly petroleum data for the week ending February 3, 2023

U.S. crude oil refinery inputs averaged 15.4 million barrels per day during the week ending February 3, 2023, which was 448 thousand barrels per day less than the previous week’s average. Refineries operated at 87.9% of their operable capacity last week.

• Gasoline production increased last week, averaging 9.1 million barrels per day.
• Distillate fuel production increased last week, averaging 4.7 million barrels per day.

Imports

U.S. crude oil imports averaged 7.1 million barrels per day last week, decreased by 225,000n barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.8 million barrels per day, 2.5% more than the same four-week period last year.

Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 989,000 barrels per day, and distillate fuel imports averaged 692,000 barrels per day.

Products inventories

• Total motor gasoline inventories increased 5.0 million barrels from last week and are at 6% below the five year average for this time of year.
• Finished gasoline inventories decreased while blending components inventories increased last week.
• Distillate fuel inventories increased by 2.9 million barrels from last week and are about 15% below the five year average for this time of year.
• Propane/propylene inventories decreased 4.3 million barrels from last week and are 25% above the five year average for this time of year.
• Total commercial petroleum inventories increased by 3.4 million barrels last week.

Products supplied

Total products supplied over the last four-week period averaged 20.1 million barrels per day, down by 8.2% from the same period last year. Over the past four weeks:

• Motor gasoline product supplied averaged 8.3 million barrels per day, down by 2.8% from the same period last year.
• Distillate fuel product supplied averaged 3.8 million barrels per day over the past four weeks, down by 16.0% from the same period last year.
• Jet fuel product supplied was up 6.6% compared with the same four-week period last year.