Crude Oil Summary (EIA):
U.S. crude oil refinery inputs averaged 15.0 million barrels per day during the week ending October 15, 2021 which was 71,000 barrels per day less than the previous week’s average. Refineries operated at 84.7% of their operable capacity last week. Gasoline production increased last week, averaging 10.1 million barrels per day. Distillate fuel production decreased last week, averaging 4.4 million barrels per day. U.S. crude oil imports averaged 5.8 million barrels per day last week, down by 169,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.4 million barrels per day, 19.5% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 606,000 barrels per day, and distillate fuel imports averaged 202,000 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 426.5 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 5.4 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 decreased by 3.9 million barrels last week and are about 10% below the five year average for this time of year. Propane/propylene inventories increased by 1.9 million barrels last week and are about 17% below the five year average for this time of year. Total commercial petroleum inventories decreased by 9.8 million barrels last week. Total products supplied over the last four-week period averaged 20.9 million barrels a day, up by 14.0% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.4 million barrels a day, up by 9.8% from the same period last year. Distillate fuel product supplied averaged 4.1 million barrels a day over the past four weeks, up by 8.3% from the same period last year. Jet fuel product supplied was up 50.1% compared with the same four-week period last year. The West Texas Intermediate crude oil price was $82.39 per barrel on October 15, 2021, $2.84 above last week’s price and $41.69 more than a year ago. The spot price for conventional gasoline in the New York Harbor was $2.574 per gallon, $0.134 more than last week’s price and $1.359 above a year ago. The spot price for No. 2 heating oil in the New York Harbor was $2.435 per gallon, $0.097 above last week’s price and $1.302 over a year ago. The national average retail regular gasoline price was $3.322 per gallon on October 18, 2021, $0.055 per gallon more than last week’s price and $1.172 over a year ago. The national average retail diesel fuel price was $3.671 per gallon, $0.085 above last week’s price and $1.283 over a year ago.
