Crude Oil Summary (EIA):
U.S. crude oil refinery inputs averaged 15.5 million barrels per day during the week ending January 14, 2022 which was 120,000 barrels per day less than the previous week’s average. Refineries operated at 88.1% of their operable capacity last week. Gasoline production increased last week, averaging 8.7 million barrels per day. Distillate fuel production decreased last week, averaging 4.7 million barrels per day. U.S. crude oil imports averaged 6.7 million barrels per day last week, increased by 0.7 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.4 million barrels per day, 10.8% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 391,000 barrels per day, and distillate fuel imports averaged 306,000 barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 0.5 million barrels from the previous week. At 413.8 million barrels, U.S. crude oil inventories are about 8% below the five year average for this time of year. Total motor gasoline inventories increased by 5.9 million barrels last week and are about 2% below the five year average for this time of year. Finished gasoline and blending components inventories both increased last week. Distillate fuel inventories decreased by 1.4 million barrels last week and are about 16% below the five year average for this time of year. Propane/propylene inventories decreased by 3.7 million barrels last week and are about 7% below the five year average for this time of year. Total commercial petroleum inventories decreased by 1.5 million barrels last week. Total products supplied over the last four-week period averaged 21.2 million barrels a day, up by 11.9% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.5 million barrels a day, up by 9.0% from the same period last year. Distillate fuel product supplied averaged 4.0 million barrels a day over the past four weeks, up by 15.3% from the same period last year. Jet fuel product supplied was up 31.8% compared with the same four-week period last year. The West Texas Intermediate crude oil price was $83.82 per barrel on January 14, 2022, $4.82 above last week’s price and $31.57 more than a year ago. The spot price for conventional gasoline in the New York Harbor was $2.473 per gallon, $0.127 more than last week’s price and $0.912 above a year ago. The spot price for No. 2 heating oil in the New York Harbor was $2.513 per gallon, $0.139 above last week’s price and $1.020 over a year ago. The national average retail regular gasoline price increased to $3.306 per gallon on January 17, 2022, $0.011 above last week’s price and $0.927 over a year ago. The national average retail diesel fuel price increased to $3.725 per gallon, $0.068 per gallon more than last week’s price and $1.029 higher than a year ago.
