Crude Oil Summary (EIA)
U.S. crude oil refinery inputs averaged 15.6 million barrels per day during the week ending October 04, 2024, which was 101 thousand barrels per day less than the previous week’s average. Refineries operated at 86.7% of their operable capacity last week. Gasoline production increased last week, averaging 10.2 million barrels per day. Distillate fuel production increased last week, averaging 5.0 million barrels per day. U.S. crude oil imports averaged 6.2 million barrels per day last week, decreased by 389 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.4 million barrels per day, 2.5% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 48 thousand barrels per day, and distillate fuel imports averaged 104 thousand barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 5.8 million barrels from the previous week. At 422.7 million barrels, U.S. crude oil inventories are about 4% below the five year average for this time of year. Total motor gasoline inventories decreased by 6.3 million barrels from last week and are about 4% below the five year average for this time of year. Finished gasoline and blending components inventories both decreased last week. Distillate fuel inventories decreased by 3.1 million barrels last week and are about 9% below the five year average for this time of year. Propane/propylene inventories increased by 1.9 million barrels from last week and are 9% above the five year average for this time of year. Total commercial petroleum inventories decreased by 8.1 million barrels last week. Total products supplied over the last four-week period averaged 20.6 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 7.5% from the same period last year. Distillate fuel product supplied averaged 3.9 million barrels a day over the past four weeks, down by 0.9% from the same period last year. Jet fuel product supplied was up 9.2% compared with the same four-week period last year. The price for West Texas Intermediate crude oil was $74.93 per barrel on October 04, 2024, $6.21 higher than a week ago, and $7.90 less than a year ago. The New York Harbor spot price for conventional gasoline increased to $2.196 per gallon, $0.163 higher than a week ago, and $0.215 less than the year-ago price. The spot price for No. 2 heating oil at New York Harbor increased $0.153 to $1.795 per gallon, $1.054 less than the price last year. The national average retail price for regular gasoline declined to $3.136 per gallon on October 07, 2024, $0.043 below last week’s price, and $0.548 less than the year-ago price. The national average retail diesel fuel price rose $0.040 to $3.584 per gallon, $0.914 lower than the price one year ago.