Crude Oil Summary (EIA):
U.S. crude oil refinery inputs averaged 16.2 million barrels per day during the week ending August 6, 2021 which was 277,000 barrels per day more than the previous week’s average. Refineries operated at 91.8% of their operable capacity last week. Gasoline production decreased last week, averaging 10.0 million barrels per day. Distillate fuel production increased last week, averaging 4.9 million barrels per day. U.S. crude oil imports averaged 6.4 million barrels per day last week, down by 36,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.6 million barrels per day, 16.3% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 925,000 barrels per day, and distillate fuel imports averaged 185,000 barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 0.4 million barrels from the previous week. At 438.8 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 1.4 million barrels last week and are about 3% below the five year average for this time of year. Finished gasoline inventories increased while blending components inventories decreased last week. Distillate fuel inventories increased by 1.8 million barrels last week and are about 6% below the five year average for this time of year. Propane/propylene inventories decreased by 0.6 million barrels last week and are about 18% below the five year average for this time of year. Total commercial petroleum inventories decreased by 0.1 million barrels last week. Total products supplied over the last four-week period averaged 20.6 million barrels a day, up by 11.3% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.5 million barrels a day, up by 8.5% from the same period last year. Distillate fuel product supplied averaged 3.9 million barrels a day over the past four weeks, up by 8.4% from the same period last year. Jet fuel product supplied was up 45.8% compared with the same four-week period last year. The West Texas Intermediate crude oil price was $68.26 per barrel on August 6, 2021, $5.67 below last week’s price but $27.10 more than a year ago. The spot price for conventional gasoline in the New York Harbor was $2.265 per gallon, $0.094 less than last week’s price but $1.083 above a year ago. The spot price for ultra-low sulfur diesel fuel in the New York Harbor was $2.076 per gallon, $0.115 below last week’s price but $0.862 over a year ago. The national average retail regular gasoline price was $3.172 per gallon on August 9, 2021, $0.013 per gallon more than last week’s price and $1.006 over a year ago. The national average retail diesel fuel price was $3.364 per gallon, $0.003 below last week’s price but $0.936 over a year ago.
