Crude Oil Summary (EIA):
U.S. crude oil refinery inputs averaged 17.9 million barrels per day during the week ending August 17, 2018, which was 89,000 barrels per day less than the previous week’s average. Refineries operated at 98.1% of their operable capacity last week. Gasoline production decreased last week, averaging 10.2 million barrels per day.
Distillate fuel production increased last week, averaging 5.4 million barrels per day. U.S. crude oil imports averaged 7.5 million barrels per day last week, down by 1,496,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 8.1 million barrels per day, 2.2% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 817,000 barrels per day, and distillate fuel imports averaged 145,000 barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 5.8 million barrels from the previous week. At 408.4 million barrels, U.S. crude oil inventories are at the five year average for this time of year. Total motor gasoline inventories increased by 1.2 million barrels last week and are about 6% above the five year average for this time of year.
Finished gasoline and blending components inventories both increased last week. Distillate fuel inventories increased by 1.8 million barrels last week and are about 7% below the five year average for this time of year. Propane/propylene inventories decreased by 0.9 million barrels last week and are about 13% below the five year average for this time of year. Total commercial petroleum inventories decreased last week by 2.5 million barrels last week. Total products supplied over the last four-week period averaged 20.8 million barrels per day, down by 1.1% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.5 million barrels per day, down by 1.5% from the same period last year.
Distillate fuel product supplied averaged 3.9 million barrels per day over the past four weeks, down by 7.7% from the same period last year. Jet fuel product supplied was up 3.7% compared with the same four-week period last year. The West Texas Intermediate crude oil price was $65.93 per barrel on August 17, 2018, $1.68 below last week’s price but $17.34 higher than a year ago. The spot price for conventional gasoline in the New York Harbor was $2.007 per gallon, $0.058 less than last week’s price but $0.361 higher than a year ago. The spot price for ultra-low sulfur diesel fuel in the New York Harbor was $2.099 per gallon, $0.043 below last week’s price but $0.483 over a year ago. The national average retail regular gasoline price was $2.821 per gallon on August 20, 2018, $0.022 lower than last week’s price but $0.461 higher than a year ago. The national average retail diesel fuel price was $3.207 per gallon, $0.010 per gallon below last week’s level but $0.611 over a year ago.
