Weekly EIA Oil Report – February 16th

By: Miguel A. Rodriguez

10:05, 16 February 2023


Here are the latest details from the U.S. Energy Information Administration regarding diesel fuel, heating oil, gasoline and many more, for the week ending February 10rd 

On Wednesday, U.S. West Texas Intermediate (WTI) oil futures experienced little to no growth as the U.S. dollar strengthened, and investors expressed concerns over increasing interest rates, which they believe will result in a slowdown of the economy and a decrease in fuel demand. 

The U.S. crude oil refinery inputs averaged 15.0 million barrels per day, which was 383 thousand barrels per day more than the previous week’s average, with refineries working at 86.5% of their capacity.  

Gasoline production slightly decreased last week, averaging 9.1 million barrels/day. Distillate fuel production decreased, averaging 4.5 million barrels per day. U.S. crude oil imports averaged 6.2 million barrels per day last week, 826,000 barrels per day lower than the previous week, with imports averaging approx. 6.6 million barrels/day. 

Related: Oil analysis and price predictions 

Despite the decrease, the market was able to mitigate the negative effects of a significant increase in U.S. crude stocks as a result of a data adjustment. In addition, the International Energy Agency (IEA) anticipated an increase in global oil demand growth, which helped to limit the losses.  

Brent futures have experienced a 0.2% decline, amounting to 20 cents, to $85.38 per barrel. Similarly, U.S. West Texas Intermediate (WTI) crude has fallen by 0.6%, amounting to a 47-cent drop, bringing its value down to $78.59. 

Sources: eia.gov 

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