Total crude oil stocks in the U.S. rose 1.6 million barrels, or 0.2 percent, to 851.6 million barrels in the week ending March 10 against the preceding week, while commercial inventories broke the five-year average for this time of year, the country’s Energy Information Administration (EIA) said Wednesday.
The rate of local raw oil production remained unchanged from the previous week (February 27 to March 3) at 12.2 million barrels per day (MMbpd). Net imports, including strategic reserves, fell by 1.72 MMbpd to 1.189 MMbpd week on week. Crude exports surged by 1.665 MMbpd to 5.027 MMbpd, according to the EIA’s weekly petroleum status report.
Commercial crude stocks stood at 480.1 million barrels, seven percent above the five-year average for this time of year. The Strategic Petroleum Reserve totaled 371.6 million barrels.
Refineries received 15.398 MMbpd on average in the week ending March 10, up 430,000 bpd against the previous week’s average. U.S. raw oil refineries operated at 88.2 percent of capacity last week, compared to 86 percent a week ago, the report said.
Gasoline production dipped week on week to 9.456 MMbpd, so did distillate fuel output, down to 4.565 MMbpd.
Decrease in Products Supplied On-Year
“Total products supplied over the last four-week period averaged 19.7 million barrels a day, down by 6.4 percent 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.
Jet fuel supplied, however, jumped 6.7 percent against the same four-week period in 2022.
Mixed Prices
The average retail price for regular gasoline began the present week up against last week. Diesel fuel was down on March 13 compared to last week.
“The national average retail price for regular gasoline rose to $3.456 per gallon on March 13, 2023, $0.067 higher than last week’s price, but $0.859 less than the price last year. The national average retail diesel fuel price dropped to $4.247 per gallon, $0.035 less than last week, and $1.003 lower than the price one year ago”, read the report.
National crude benchmark West Texas Intermediate stood at $76.55 a barrel on March 10, down $3.07 from the corresponding day the week prior and $32.76 from the same day last year.
“The spot price for conventional gasoline at New York Harbor was $2.505 per gallon, $0.146 less than a week ago, and $0.694 less than a year ago. The New York Harbor spot price for No. 2 heating oil fell $0.122 to $2.618 per gallon, $0.820 less than the price last year”, the report added.
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