Crude Oil Summary (EIA):
U.S. crude oil refinery inputs averaged 14.5 million barrels per day during the week ending February 9, 2024, which was 297 thousand barrels per day less than the previous week’s average. Refineries operated at 80.6% of their operable capacity last week. Gasoline production increased last week, averaging 9.2 million barrels per day. Distillate fuel production decreased last week, averaging 4.1 million barrels per day. U.S. crude oil imports averaged 6.5 million barrels per day last week, decreased by 437 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.1 million barrels per day, 7.2% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 436 thousand barrels per day, and distillate fuel imports averaged 135 thousand barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 12.0 million barrels from the previous week. At 439.5 million barrels, U.S. crude oil inventories are about 2% below the five year average for this time of year. Total motor gasoline inventories decreased by 3.7 million barrels from last week and are about 2% 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 1.9 million barrels last week and are about 7% below the five year average for this time of year. Propane/propylene inventories decreased by 3.7 million barrels from last week and are 1% above the five year average for this time of year. Total commercial petroleum inventories increased by 5.2 million barrels last week. Total products supplied over the last four-week period averaged 19.8 million barrels a day, down by 0.3% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.3 million barrels a day, down by 1.0% from the same period last year. Distillate fuel product supplied averaged 3.7 million barrels a day over the past four weeks, down by 2.3% from the same period last year. Jet fuel product supplied was up 1.5% compared with the same four-week period last year. The price for West Texas Intermediate crude oil was $77.26 per barrel on February 9, 2024, $4.54 higher than a week ago, and $2.48 less than a year ago. The New York Harbor spot price for conventional gasoline increased to $2.354 per gallon, $0.185 more than a week ago, and $0.277 less than the year-ago price. The spot price for No. 2 heating oil at New York Harbor rose $0.295 to $2.879 per gallon, $0.195 more than the price last year. The national average retail price for regular gasoline rose to $3.192 per gallon on February 12, 2024, $0.056 above last week’s price, and $0.198 less than the year-ago price. The national average retail diesel fuel price rose $0.21 to $4.109 per gallon, $0.335 lower than the price one year ago.