Crude Oil Summary (EIA)
U.S. crude oil refinery inputs averaged 16.3 million barrels per day during the week ending November 1, 2024, which was 281 thousand barrels per day more than the previous week’s average. Refineries operated at 90.5% of their operable capacity last week. Gasoline production increased last week, averaging 9.7 million barrels per day. Distillate fuel production increased last week, averaging 5.1 million barrels per day. U.S. crude oil imports averaged 6.2 million barrels per day last week, increased by 265 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.0 million barrels per day, 2.4% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 229 thousand barrels per day, and distillate fuel imports averaged 162 thousand barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 2.1 million barrels from the previous week. At 427.7 million barrels, U.S. crude oil inventories are about 5% below the five year average for this time of year. Total motor gasoline inventories increased by 0.4 million barrels from last week and are about 2% below the five year average for this time of year. Both finished gasoline and blending components inventories increased last week. Distillate fuel inventories increased by 2.9 million barrels last week and are about 6% below the five year average for this time of year. Propane/propylene inventories decreased by 1.0 million barrels from last week and are 11% above the five year average for this time of year. Total commercial petroleum inventories decreased by 1.1 million barrels last week. Total products supplied over the last four-week period averaged 20.6 million barrels a day, down by 1.5 from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.9 million barrels a day, down by 1.5% from the same period last year. Distillate fuel product supplied averaged 3.9 million barrels a day over the past four weeks, down by 5.1% from the same period last year. Jet fuel product supplied was down 1.5% compared with the same four-week period last year. The price for West Texas Intermediate crude oil was $69.81 per barrel on November 1, 2024, $2.21 lower than a week ago, and $11.38 less than a year ago. The New York Harbor spot price for conventional gasoline decreased to $2.067 per gallon, $0.118 lower than a week ago, and $0.039 more than the year-ago price. The spot price for No. 2 heating oil at New York Harbor decreased $0.005 to $2.125 per gallon, $0.662 less than the price last year. The national average retail price for regular gasoline declined to $3.069 per gallon on November 4, 2024, $0.028 below last week’s price, and $0.327 less than the year-ago price. The national average retail diesel fuel price declined $0.037 to $3.536 per gallon, $0.830 lower than the price one year ago.