Crude Oil Summary (EIA):
U.S. crude oil refinery inputs averaged 9.9 million barrels per day during the week ending February 26, 2021 which was 2.3 million barrels per day less than the previous week’s average. Refineries operated at 56.0% of their operable capacity last week. Gasoline production increased last week, averaging 8.3 million barrels per day. Distillate fuel production decreased last week, averaging 2.9 million barrels per day. U.S. crude oil imports averaged 6.3 million barrels per day last week, increased by 1.7 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 5.7 million barrels per day, 12.8% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 605,000 barrels per day, and distillate fuel imports averaged 321,000 barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 21.6 million barrels from the previous week. At 484.6 million barrels, U.S. crude oil inventories are about 3% above the five year average for this time of year. Total motor gasoline inventories decreased by 13.6 million barrels last week and are about 3% below the five year average for this time of year. Finished gasoline and blending components inventories both decreased last week. Distillate fuel inventories decreased by 9.7 million barrels last week and are about 2% below the five year average for this time of year. Propane/propylene inventories decreased by 2.2 million barrels last week and are about 17% below the five year average for this time of year. Total commercial petroleum inventories decreased by 2.8 million barrels last week. Total products supplied over the last four-week period averaged 19.6 million barrels a day, down by 4.2% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 7.9 million barrels a day, down by 11.8% from the same period last year. Distillate fuel product supplied averaged 4.1 million barrels a day over the past four weeks, up by 5.8% from the same period last year. Jet fuel product supplied was down 24.2% compared with the same four-week period last year. The West Texas Intermediate crude oil price was $61.55 per barrel on February 26, 2021, $2.43 above last week’s price and $16.72 more than a year ago. The spot price for conventional gasoline in the New York Harbor was $1.897 per gallon, $0.090 more than last week’s price and $0.439 above a year ago. The spot price for No. 2 heating oil in the New York Harbor was $1.719 per gallon, $0.018 above last week’s price and $0.269 over a year ago. The national average retail regular gasoline price was $2.711 per gallon on March 1, 2021, $0.078 per gallon more than last week’s price and $0.288 over a year ago. The national average retail diesel fuel price was $3.072 per gallon, $0.099 per gallon above last week’s level and $0.221 over a year ago.
