U.S. crude oil refinery inputs averaged 16.6 million barrels per day during the week ending August 4, 2023, which was 62 thousand barrels per day more than the previous week’s average. Refineries operated at 93.8% of their operable capacity last week. Gasoline production increased last week, averaging 9.9 million barrels per day. Distillate fuel production increased last week, averaging 4.9 million barrels per day. U.S. crude oil imports averaged 6.7 million barrels per day last week, increased by 14 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.7 million barrels per day, 2.7% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 684 thousand barrels per day, and distillate fuel imports averaged 65 thousand barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 5.9 million barrels from the previous week. At 445.6 million barrels, U.S. crude oil inventories are slightly below the five year average for this time of year. Total motor gasoline inventories decreased by 2.7 million barrels from last week and are about 7% below the five year average for this time of year. Both Finished gasoline and blending components inventories decreased last week. Distillate fuel inventories decreased by 1.7 million barrels last week and are about 17% below the five year average for this time of year. Propane/propylene inventories increased 1.3 million barrels from last week and are 24% above the five year average for this time of year. Total commercial petroleum inventories increased by 7.1 million barrels last week. Total products supplied over the last four-week period averaged 20.7 million barrels a day, up by 2.9% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.0 million barrels a day, up by 1.4% from the same period last year. Distillate fuel product supplied averaged 3.7 million barrels a day over the past four weeks, down by 0.5% from the same period last year. Jet fuel product supplied was up 4.3% compared with the same four-week period last year.
The West Texas Intermediate crude oil price was $82.76 per barrel on August 4, 2023, $2.21 higher than a week prior, but $9.01 less than last year at the
same time. The spot price for conventional gasoline at New York Harbor dropped to $2.799 per gallon, $0.056 less than last week’s price, and $0.333
less than the year-ago price. The New York Harbor spot price for ultra-low sulfur diesel fuel was $3.062 per gallon, $0.112 more than last week, but
$0.143 less than the price last year. The national average retail price for regular gasoline was $3.828 per gallon on August 7, 2023, $0.071 more than last week, but $0.210 less than the price last year. The national average retail price for diesel fuel climbed to $4.239 per gallon, $0.112 more than a week ago, but $0.754 less the price last year at the same time.