Crude Oil Summary (EIA):
U.S. crude oil refinery inputs averaged 14.0 million barrels per day during the week ending December 18, 2020 which was 169,000 barrels per day less than the previous week’s average. Refineries operated at 78.0% of their operable capacity last week. Gasoline production increased last week, averaging 8.8 million barrels per day. Distillate fuel production decreased last week, averaging 4.6 million barrels per day. U.S. crude oil imports averaged 5.6 million barrels per day last week, up by 140,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 5.7 million barrels per day, 12.9% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 571,000 barrels per day, and distillate fuel imports averaged 444,000 barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 0.6 million barrels from the previous week. At 499.5 million barrels, U.S. crude oil inventories are about 11% above the five year average for this time of year. Total motor gasoline inventories decreased by 1.1 million barrels last week and are about 4% 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 2.3 million barrels last week and are about 10% above the five year average for this time of year. Propane/propylene inventories decreased by 2.3 million barrels last week and are about 4% above the five year average for this time of year. Total commercial petroleum inventories decreased by 10.7 million barrels last week. Total products supplied over the last four-week period averaged 18.9 million barrels a day, down by 8.7% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 7.9 million barrels a day, down by 13.8% from the same period last year. Distillate fuel product supplied averaged 3.8 million barrels a day over the past four weeks, down by 1.7% from the same period last year. Jet fuel product supplied was down 32.9% compared with the same four week period last year. The West Texas Intermediate crude oil price was $49.04 per barrel on December 18, 2020, $2.45 above last week’s price but $11.39 less than a year ago. The spot price for conventional gasoline in the New York Harbor was $1.430 per gallon, $0.092 greater than last week’s price but $0.316 below a year ago. The spot price for No. 2 heating oil in the New York Harbor was $1.428 per gallon, $0.074 above last week’s price but $0.568 under a year ago. The national average retail regular gasoline price was $2.224 per gallon on December 21, 2020, $0.066 per gallon more than last week’s price but $0.308 under a year ago. The national average retail diesel fuel price was $2.619 per gallon, $0.060 per gallon above last week’s level but $0.422 under a year ago.
