EIA: Crude inventories increased by 2.9 million barrels

The Energy Information Administration (EIA) reported in its update that the average crude input to U.S. refineries was 16.5 million barrels per day in the week ending December 15, 2023. This represents an increase of 403 thousand barrels per day compared to the previous week's average.

Refineries operated at 92.4% of their available capacity last week. Gasoline production increased, averaging 10.0 million barrels per day. Conversely, distillate fuel production decreased, with a daily average of 4.9 million barrels.

The average U.S. crude oil imports were 6.8 million barrels per day last week, an increase of 233,000 barrels per day from the previous week. Over the last four weeks, the average crude oil imports were around 6.7 million barrels per day, reflecting a 7.6% increase compared to the same four-week period last year.

Total motor gasoline imports (including finished gasoline and gasoline blending components) averaged 537,000 barrels per day last week, and distillate fuel imports averaged 225,000 barrels per day.

U.S. commercial crude oil inventories (excluding the Strategic Petroleum Reserve) increased by 2.9 million barrels compared to the previous week. With 443.7 million barrels, these inventories are approximately 1% below the five-year average for this time of year.

Total motor gasoline inventories increased by 2.7 million barrels from the previous week and are approximately 2% 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 1.5 million barrels last week and are around 10% below the five-year average for this time of year.

Propane/propylene inventories decreased by 2.2 million barrels from the previous week and are 19% above the five-year average for this time of year. Overall, commercial oil inventories increased by 2.7 million barrels last week.

The total products supplied over the last four weeks averaged 20.1 million barrels per day, representing a 0.2% increase compared to the same period last year. Over the last four weeks, motor gasoline supply averaged 8.6 million barrels per day, reflecting a 1.9% increase compared to the same period last year.

Distillate fuel supply averaged 3.6 million barrels per day over the last four weeks, indicating a 4.2% decrease compared to the same period last year. Jet fuel supply decreased by 4.0% compared to the same four-week period last year.