Crude Oil Summary (EIA)
U.S. crude oil refinery inputs averaged 15.8 million barrels per day during the week ending October 11, 2024, which was 165 thousand barrels per day more than the previous week’s average. Refineries operated at 87.7% of their operable capacity last week. Gasoline production decreased last week, averaging 9.3 million barrels per day. Distillate fuel production decreased last week, averaging 4.8 million barrels per day. U.S. crude oil imports averaged 5.5 million barrels per day last week, decreased by 710 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.2 million barrels per day, 3.4% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 526 thousand barrels per day, and distillate fuel imports averaged 132 thousand barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 2.2 million barrels from the previous week. At 420.5 million barrels, U.S. crude oil inventories are about 5% below the five year average for this time of year. Total motor gasoline inventories decreased by 2.2 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 3.5 million barrels last week and are about 10% below the five year average for this time of year. Propane/propylene inventories increased by 3.4 million barrels from last week and are 13% above the five year average for this time of year. Total commercial petroleum inventories decreased by 7.0 million barrels last week. Total products supplied over the last four-week period averaged 20.8 million barrels a day, up by 2.8% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.0 million barrels a day, up by 5.4% from the same period last year. Distillate fuel product supplied averaged 4.0 million barrels a day over the past four weeks, up by 0.2% from the same period last year. Jet fuel product supplied was up 10.4% compared with the same four-week period last year. The price for West Texas Intermediate crude oil was $76.11 per barrel on October 11, 2024, $1.18 higher than a week ago, and $11.56 less than a year ago. The New York Harbor spot price for conventional gasoline increased to $2.257 per gallon, $0.061 higher than a week ago, and $0.297 less than the year-ago price. The spot price for No. 2 heating oil at New York Harbor increased $0.028 to $1.823 per gallon, $1.350 less than the price last year. The national average retail price for regular gasoline rose to $3.171 per gallon on October 14, 2024, $0.035 above last week’s price, and $0.405 less than the year-ago price. The national average retail diesel fuel price rose $0.047 to $3.631 per gallon, $0.813 lower than the price one year ago. U.S. crude oil refinery inputs average.