Crude Oil Summary (EIA):
U.S. crude oil refinery inputs averaged 14.7 million barrels per day during the week ending February 23, 2024, which was 100 thousand barrels per day more than the previous week’s average. Refineries operated at 81.5% of their operable capacity last week. Gasoline production increased last week, averaging 9.4 million barrels per day. Distillate fuel production increased last week, averaging 4.3 million barrels per day. U.S. crude oil imports averaged 6.4 million barrels per day last week, decreased by 269 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.6 million barrels per day, 2.3% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 384 thousand barrels per day, and distillate fuel imports averaged 112 thousand barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 4.2 million barrels from the previous week. At 447.2 million barrels, U.S. crude oil inventories are about 1% below the five year average for this time of year. Total motor gasoline inventories decreased by 2.8 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 0.5 million barrels last week and are about 8% below the five year average for this time of year. Propane/propylene inventories decreased by 3.4 million barrels from last week and are 1% above the five year average for this time of year. Total commercial petroleum inventories decreased by 3.2 million barrels last week. Total products supplied over the last four-week period averaged 19.5 million barrels a day, down by 3.2% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.4 million barrels a day, down by 3.1% from the same period last year. Distillate fuel product supplied averaged 3.7 million barrels a day over the past four weeks, down by 3.0% from the same period last year. Jet fuel product supplied was up 2.9% compared with the same four-week period last year. The price for West Texas Intermediate crude oil was $77.60 per barrel on February 23, 2024, $2.05 lower than a week ago, and $1.41 more than a year ago. The New York Harbor spot price for conventional gasoline decreased to $2.315 per gallon, $0.033 less than a week ago, and $0.108 less than the yearago price. The spot price for No. 2 heating oil at New York Harbor declined $0.102 to $2.625 per gallon, $0.03 more than the price last year The national average retail price for regular gasoline declined to $3.249 per gallon on February 26, 2024, $0.02 below last week’s price, and $0.093 less than the year-ago price. The national average retail diesel fuel price declined $0.051 to $4.058 per gallon, $0.236 lower than the price one year ago.
