Crude Oil Summary (EIA):
U.S. crude oil refinery inputs averaged 17.6 million barrels per day during the week ending January 4, 2019, which was 194,000 barrels per day less than the previous week’s average. Refineries operated at 96.1% of their operable capacity last week. Gasoline production decreased last week, averaging 9.4 million barrels per day. Distillate fuel production decreased last week, averaging 5.6 million barrels per day.
U.S. crude oil imports averaged 7.8 million barrels per day last week, up by 454,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 7.6 million barrels per day, 3.6% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 550,000 barrels per day, and distillate fuel imports averaged 261,000 barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 1.7 million barrels from the previous week. At 439.7 million barrels, U.S. crude oil inventories are about 8% above the five year average for this time of year. Total motor gasoline inventories increased by 8.1 million barrels last week and are about 5% above the five year average for this time of year. Finished gasoline inventories decreased while blending components inventories increased last week. Distillate fuel inventories increased by 10.6 million barrels last week and are about 5% below the five year average for this time of year. Propane/propylene inventories decreased by 1.9 million barrels last week and are about 3% below the five year average for this time of year. Total commercial petroleum inventories increased last week by 13.3 million barrels last week. Total products supplied over the last four-week period averaged 20.5 million barrels per day, down by 0.7% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.0 million barrels per day, down by 1.2% from the same period last year. Distillate fuel product supplied averaged 3.8 million barrels per day over the past four weeks, down by 1.3% from the same period last year. Jet fuel product supplied was down 10.2% compared with the same fourweek period last year. The West Texas Intermediate crude oil price was $47.76 per barrel on January 4, 2019, $2.61 above last week’s price but $13.73 lower than a year ago. The spot price for conventional gasoline in the New York Harbor was $1.408 per gallon, $0.040 more than last week’s price but $0.409 lower than a year ago. The spot price for No. 2 heating oil in the New York Harbor was $1.753 per gallon, $0.110 above last week’s price but $0.258 under a year ago. The national average retail regular gasoline price was $2.237 per gallon on January 7, 2019, $0.029 lower than last week’s price and $0.285 under a year ago. The national average retail diesel fuel price was $3.013 per gallon, $0.035 per gallon below last week’s level but $0.017 over a year ago.
