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Weekly EIA Oil Report – December 30th

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Miguel A. Rodriguez
Miguel A. Rodriguez
30 December 2022

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 December 23rd

The EIA crude oil inventory report is now available, possibly a day late due to the Christmas holidays. The U.S. crude oil refinery inputs averaged 16.1 million barrels per day, which was 173,000 barrels per day more than the previous week’s average, with refineries working at 92.0% of their capacity. Gasoline production increased last week, averaging 10.1 million barrels/day. Distillate fuel production slightly decreased, averaging 5.1 million barrels per day. 

 

U.S. crude oil imports averaged 6.3 million barrels per day last week, 433,000 barrels per day higher than the previous week, with imports averaging approx. 6.2 million barrels/day. 

 

U.S. commercial crude oil inventories increased by 0.7 million barrels from the previous week to 419.0 million barrels. Considering the figures, the inventories are about 6% below the five-year average for this time of year. Investors may interpret it as a sign of a price increase driven by demand.  

 

Meanwhile, oil prices have fallen as a result of news of increased Covid cases in China. These have cast doubt on hopes of a resurgence in fuel demand in the world's largest oil importer, limiting oil's upside potential. 

 

Sources: eia.gov 

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Miguel A. Rodriguez
Miguel A. Rodriguez
Financial Writer

Miguel worked for major financial institutions such as Banco Santander, and Banco Central-Hispano. He is a published author of currency trading books.