Crude Oil Summary (EIA):
U.S. crude oil refinery inputs averaged 15.1 million barrels per day during the week ending May 14, 2021 which was 96,000 barrels per day more than the previous week’s average. Refineries operated at 86.3% 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 4.6 million barrels per day. U.S. crude oil imports averaged 6.4 million barrels per day last week, increased by 0.9 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.0 million barrels per day, 10.9% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 1.1 million barrels per day, and distillate fuel imports averaged 267,000 barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 1.3 million barrels from the previous week. At 486.0 million barrels, U.S. crude oil inventories are about 1% below the five year average for this time of year. Total motor gasoline inventories decreased by 2.0 million barrels last week and are about 2% 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 2.3 million barrels last week and are about 5% below the five year average for this time of year. Propane/propylene inventories increased by 0.4 million barrels last week and are about 18% below the five year average for this time of year. Total commercial petroleum inventories decreased by 0.2 million barrels last week. Total products supplied over the last four-week period averaged 19.2 million barrels a day, up by 19.1% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.9 million barrels a day, up by 33.9% from the same period last year. Distillate fuel product supplied averaged 4.1 million barrels a day over the past four weeks, up by 19.6% from the same period last year. Jet fuel product supplied was up 105.8% compared with the same four-week period last year. The West Texas Intermediate crude oil price was $65.32 per barrel on May 14, 2021, $0.36 above last week’s price and $35.88 more than a year ago. The spot price for conventional gasoline in the New York Harbor was $2.151 per gallon, $0.030 greater than last week’s price and $1.276 above a year ago. The spot price for ultra-low sulfur diesel fuel in the New York Harbor was $2.045 per gallon, $0.032 above last week’s price and $1.163 over a year ago. The national average retail regular gasoline price was $3.028 per gallon on May 17, 2021, $0.067 per gallon more than last week’s price and $1.150 over a year ago. The national average retail diesel fuel price was $3.249 per gallon, $0.063 above last week’s price and $0.863 over a year ago.
