July 24, 2023 [Oil&Gas360] – U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 0.7 million barrels from the previous week. At 457.4 million barrels, U.S. crude oil inventories are at 1% 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 July 14, 2023.

Summary of weekly petroleum data for the week ending July 14, 2023

U.S. crude oil refinery inputs averaged 16.6 million barrels per day during the week ending July 14, 2023, which was 75 thousand barrels per day less than the previous week’s average. Refineries operated at 94.3% of their operable capacity last week.

Gasoline production decreased last week, averaging 9.5 million barrels per day.
Distillate fuel production decreased last week, averaging 5.0 million barrels per day.

Imports

U.S. crude oil imports averaged 7.2 million barrels per day last week, increased by 1.3 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.7 million barrels per day, 2.5% less than the same four-week period last year.

Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 717 barrels per day, and distillate fuel imports averaged 63 thousand barrels per day.
Products inventories

Total motor gasoline inventories decreased by 1.1 from last week and are at 7% below the five year average for this time of year.
Finished gasoline inventories decreased while blending components inventories increased last week.
Distillate fuel inventories slightly increased last week and are about 14% below the five year average for this time of year.
Propane/propylene inventories increased 0.9 million barrels from last week and are 24% above the five year average for this time of year.
Total commercial petroleum inventories decreased by 1.0 million barrels last week.

Products supplied

Total products supplied over the last four-week period averaged 20.3 million barrels per day, up by 1.0% from the same period last year. Over the past four weeks:

Motor gasoline product supplied averaged 9.1 million barrels per day, up by 4.6% from the same period last year.
Distillate fuel product supplied averaged 3.4 million barrels per day over the past four weeks, down by 8.3% from the same period last year.
Jet fuel product supplied was up 7.2% compared with the same four-week period last year.

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