Summary (EIA):
U.S. crude oil refinery inputs averaged 16.0 million barrels per day during the week ending January 26, 2018, 470,000 barrels per day less than the previous week’s average. Refineries operated at 88.1% of their operable capacity last week. Gasoline production increased last week, averaging 9.6 million barrels per day. Distillate fuel production decreased last week, averaging 4.6 million barrels per day. U.S. crude oil imports averaged about 8.4 million barrels per day last week, up by 380,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged 8.0 million barrels per day, 4.3% less than the same four-week period last year.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 509,000 barrels per day. Distillate fuel imports averaged 584,000 barrels per day last week. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 6.8 million barrels from the previous week. At 418.4 million barrels, U.S. crude oil inventories are in the middle of the average range for this time of year. Total motor gasoline inventories decreased by 2.0 million barrels last week, and are near the top of the average range. Both blending components and finished gasoline inventories decreased last week. Distillate fuel inventories decreased by 1.9 million barrels last week and are in the middle of the average range for this time of year. propane/propylene inventories decreased by 0.9 million barrels last week, but are in the middle of the average range. Total commercial petroleum inventories increased by 2.1 million barrels last week. Total products supplied over the last four-week period averaged 20.8 million barrels per day, up by 7.6% from the same period last year. Over the last four weeks, motor gasoline product supplied averaged about 8.8 million barrels per day, up by 7.1% from the same period last year. Distillate fuel product supplied averaged about 4.2 million barrels per day over the last four weeks, up by 13.3% from the same period last year. Jet fuel product supplied is up 1.6% compared to the same four week period last year. The WTI price was $66.27 per barrel on January 26, 2018, $2.89 over last week’s price and $13.09 over a year ago. The spot price for conventional gasoline in the New York Harbor was $1.999 per gallon, $0.085 more than last week’s price and $0.443 higher than a year ago. The spot price or No. 2 heating oil in the New York Harbor was $2.064 per gallon, $0.065 above last week’s price and $0.545 above a year ago. The national average retail regular gasoline price increased for the sixth week in a row to $2.607 per gallon on January 29, 2018, $0.040 above last week’s price and $0.311 more than a year ago. The national average retail diesel fuel price increased to $3.070 per gallon, $0.045 per gallon above last week and $0.508 above a year ago.
