Crude Oil Summary (EIA):
U.S. crude oil refinery inputs averaged 15.8 million barrels per day during the week ending March 29, 2019, which was 18,000 barrels per day more than the previous week’s average. Refineries operated at 86.4% of their operable capacity last week. Gasoline production increased last week, averaging 9.8 million barrels per day. Distillate fuel production decreased last week, averaging 4.9 million barrels per day. U.S. crude oil imports averaged 6.8 million barrels per day last week, up by 223,000 barrels per day from the previous week.
Over the past four weeks, crude oil imports averaged about 6.7 million barrels per day, 12.1% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 746,000 barrels per day, and distillate fuel imports averaged 144,000 barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 7.2 million barrels from the previous week. At 449.5 million barrels, U.S. crude oil inventories are at the five year average for this time of year. Total motor gasoline inventories decreased by 1.8 million barrels last week and are about 2% above the five year average for this time of year. Finished gasoline inventories increased while blending components inventories decreased last week. Distillate fuel inventories decreased by 2.0 million barrels last week and are about 6% below the five year average for this time of year. Propane/ propylene inventories increased by 1.6 million barrels last week and are about 17% above the five year average for this time of year. Total commercial petroleum inventories increased last week by 7.2 million barrels last week. Total products supplied over the last four-week period averaged 20.6 million barrels per day, down by 1.6% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.2 million barrels per day, down by 1.5% from the same period last year. Distillate fuel product supplied averaged 4.3 million barrels per day over the past four weeks, up by 6.4% 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 $60.19 per barrel on March 29, 2019, $1.32 above last week’s price. The spot price for conventional gasoline in the New York Harbor was $1.831 per gallon, $0.072 less than last week’s price. The spot price for ultra-low sulfur diesel fuel in the New York Harbor was $1.970 per gallon, $0.007 above last week’s price. The national average retail regular gasoline price was $2.691 per gallon on April 1, 2019, $0.068 higher than last week’s price but $0.009 under a year ago. The national average retail diesel fuel price was $3.078 per gallon, $0.002 below last week’s price but $0.036 over a year ago.
