Total U.S. crude inventories rose 1.6 million barrels, or 0.2 percent, to 851.6 million barrels in the week ended March 10 from a week earlier, while commercial inventories broke the five-year average for this time of year, the country’s energy information. The Administration (EIA) said on Wednesday.
The pace of local crude oil production was unchanged from the previous week (February 27 to March 3) at 12.2 million barrels per day (MMbpd). Net imports, including strategic reserves, fell 1.72 Mbpd to 1.189 Mbpd week-on-week. Crude exports rose by 1.665 Mbpd to 5.027 Mbpd, according to the EIA’s weekly State of Petroleum report.
Commercial crude inventories stood at 480.1 million barrels, seven percent above the five-year average for this time of year. The Strategic Petroleum Reserve amounted to 371.6 million barrels.
Refineries received an average of 15,398 Mbpd in the week ended March 10, up 430,000 bpd from the previous week’s average. U.S. crude oil refineries operated at 88.2 percent of capacity last week, compared with 86 percent a week ago, the report said.
Gasoline production fell week-over-week to 9.456 Mbpd, as did distillate fuel production to 4.565 Mbpd.
Decrease in products supplied during the year
“Total products supplied over the past four weeks averaged 19.7 million barrels per day, down 6.4% from the same period last year,” the EIA said.
Traders supplied an average of 8.794 MMbpd of gasoline, 3.714 MMbpd of distillate fuel oil and 7.19 MMbpd of other products last week.
Fuel supplied, however, rose 6.7 percent compared to the same four-week period in 2022.
Mixed prices
The average retail price of regular gasoline started the current week compared to last week. Diesel fell on March 13 compared to last week.
“The national average retail price of regular gasoline increased to $3.456 per gallon on March 13, 2023, $0.067 higher than last week’s price, but $0.859 lower than last year’s price. The The national average retail diesel fuel price fell to $4.247 per gallon, $0.035 lower than last week and $1.003 lower than the price a year ago,” the report read.
The national benchmark West Texas Intermediate crude oil settled at $76.55 a barrel on March 10, down $3.07 from the corresponding day a week earlier and $32.76 on the same day last year.
“The New York Port spot price for conventional gasoline was $2.505 per gallon, down $0.146 from a week ago and $0.694 less than a year ago. The New York Port spot price for heating oil #2 fell $0.122 to $2.618 per gallon, down $0.820 from last year’s price,” the report added.
