Weekly EIA Oil Report – February 16th

By: Miguel A. Rodriguez

10:04, 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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This information/research prepared by Miguel A. Rodriguez does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. The research analyst primarily responsible for the content of this research report, in part or in whole, certifies that the views about the companies and their securities expressed in this report accurately reflect his/her personal views and consequently any person acting on it does so entirely at their own risk.The research provided does not constitute the views of KW Investments Ltd nor is it an invitation to invest with KW Investments Ltd. The research analyst also certifies that no part of his/her compensation was, is, or will be, directly, or indirectly, related to specific recommendations or views expressed in this report.The research analyst in not employed by KW Investments Ltd. You are encouraged to seek advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit that conforms to your specific investment objectives, financial situation, or particular financial needs before making a commitment to invest. The laws of the Republic of Seychelles shall govern any claim relating to or arising from the contents of the information/ research provided.