Weekly EIA Oil Report – February 24th

By: Miguel A. Rodriguez

12:12, 24 February 2023

US oil

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 17th 

On Friday, the price of U.S. West Texas Intermediate (WTI) crude oil rose to $76.11, representing a gain of over 2.5% within 24 hours of the release of the EIA report. The U.S. crude oil refinery inputs averaged 15.0 million barrels per day, which was 17 thousand barrels per day less than the previous week’s average, with refineries working at 85.9% of their capacity.  

The recent decrease in crude oil refinery inputs, combined with an increase in gasoline and distillate fuel production, has the potential to result in a decrease in crude oil inventories. This, in turn, could potentially increase oil prices. 

Gasoline production increased last week, averaging 9.4 million barrels/day. Distillate fuel production increased, averaging 4.7 million barrels per day. U.S. crude oil imports averaged 6.3 million barrels per day last week, 94,000 barrels per day higher than the previous week, with imports averaging approx. 6.7 million barrels/day. 

Related: Oil analysis and price predictions 

Additionally, the recent slight increase in crude oil imports could contribute to downward pressure on oil prices, as it suggests that there could be higher supply levels in the market. 

Recent reports indicate that crude oil prices have increased due to Russia's plans to reduce its oil exports further beginning in March. According to a recent Reuters report that cited unnamed sources, Russia is considering cutting its oil exports from western ports by up to 25% in March.  

This is in addition to the already announced production cut of 500,000 barrels per day in March. Russia is a significant supplier of oil to Asian markets. 

Sources: eia.gov 

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