Crude Oil Summary (EIA):
U.S. crude oil refinery inputs averaged 15.9 million barrels per day during the week ending July 30, 2021 which was 46,000 barrels per day more than the previous week’s average. Refineries operated at 91.3% of their operable capacity last week. Gasoline production increased last week, averaging 10.2 million barrels per day. Distillate fuel production increased last week, veraging 4.9 million barrels per day. U.S. crude oil imports averaged 6.4 million barrels per day last week, down by 75,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.6 million barrels per day, 15.8% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 845,000 barrels per day, and distillate fuel imports averaged 162,000 barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 3.6 million barrels from the previous week. At 439.2 million barrels, U.S. crude oil inventories are about 6% below the five year average for this time of year. Total motor gasoline inventories decreased by 5.3 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 increased by 0.8 million barrels last week and are about 6% below the five year average for this time of year. Propane/propylene inventories increased by 1.5 million barrels last week and are about 14% below the five year average for this time of year. Total commercial petroleum inventories decreased by 1.2 million barrels last week. Total products supplied over the last four-week period averaged 20.5 million barrels a day, up by 12.4% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.4 million barrels a day, up by 8.8% from the same period last year. Distillate fuel product supplied averaged 3.8 million barrels a day over the past four weeks, up by 5.7% from the same period last year. Jet fuel product supplied was up 42.9% compared with the same four-week period last year. The West Texas Intermediate crude oil price was $73.93 per barrel on July 30, 2021, $1.69 above last week’s price and $33.83 more than a year ago. The spot price for conventional gasoline in the New York Harbor was $2.359 per gallon, $0.067 more than last week’s price and $1.212 above a year ago. The spot price for ultra-low sulfur diesel fuel in the New York Harbor was $2.191 per gallon, $0.058 above last week’s price and $0.976 over a year ago. The national average retail regular gasoline price was $3.159 per gallon on August 2, 2021, $0.023 per gallon more than last week’s price and $0.983 over a year ago. The national average retail diesel fuel price was $3.367 per gallon, $0.025 above last week’s price and $0.943 over a year ago.
