According to our analysis crude oil moved 50 ticks on DOE Petroleum Status Report data on 28 December 2023.

Light sweet crude oil (25 ticks)

Brent crude oil (25 ticks)

Charts are exported from JForex (Dukascopy).

The summary of the Weekly Petroleum Data for the week ending December 22, 2023, presents several key points regarding the United States' petroleum industry:

1. Crude Oil Refinery Inputs and Capacity:

   • U.S. crude oil refinery inputs averaged 16.6 million barrels per day, an increase of 109 thousand barrels per day compared to the previous week.

   • Refineries operated at 93.3% of their operable capacity.

2. Production of Gasoline and Distillate Fuel:

   • Gasoline production increased, averaging 10.0 million barrels per day.

   • Distillate fuel production also increased, averaging 5.1 million barrels per day.

3. Crude Oil and Petroleum Product Imports:

   • U.S. crude oil imports averaged 6.3 million barrels per day, a decrease of 415 thousand barrels per day from the previous week.

   • Over the past four weeks, crude oil imports averaged about 6.7 million barrels per day, 8.2% higher than the same period last year.

   • Motor gasoline imports averaged 521 thousand barrels per day, and distillate fuel imports averaged 238 thousand barrels per day.

4. Inventory Levels:

   • U.S. commercial crude oil inventories (excluding Strategic Petroleum Reserve) decreased by 6.9 million barrels from the previous week.

   • At 436.6 million barrels, inventories are approximately 1% below the five-year average for this time of year.

   • Motor gasoline inventories decreased by 0.6 million barrels and are around 2% below the five-year average.

   • Distillate fuel inventories increased by 0.8 million barrels but are about 9% below the five-year average.

   • Propane/propylene inventories decreased by 3.7 million barrels, yet they are 13% above the five-year average.

   • Total commercial petroleum inventories decreased by 17.3 million barrels.

5. Product Supply and Demand:

   • Total products supplied over the last four weeks averaged 20.7 million barrels a day, down by 0.5% from the same period last year.

   • Motor gasoline product supplied averaged 8.8 million barrels a day, up by 1.6% from the same period last year.

   • Distillate fuel product supplied averaged 3.8 million barrels a day, up by 0.8% from last year.

   • Jet fuel product supplied increased

Source: https://ir.eia.gov/wpsr/wpsrsummary.pdf

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