Crude Oil Summary (EIA)
U.S. crude oil refinery inputs averaged 15.5 million barrels per day during the week ending January 17, 2025, which was 1.125 million barrels per day less than the previous week’s average. Refineries operated at 85.9% of their operable capacity last week. Gasoline production decreased last week, averaging 9.2 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 621 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.6 million barrels per day, 0.3% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 340 thousand barrels per day, and distillate fuel imports averaged 289 thousand barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 1.0 million barrels from the previous week. At 411.7 million barrels, U.S. crude oil inventories are about 6% below the five year average for this time of year. Total motor gasoline inventories increased by 2.3 million barrels from last week and are 1% below the five year average for this time of year. Finished gasoline inventories and blending components inventories increased last week. Distillate fuel inventories decreased by 3.1 million barrels last week and are about 6% below the five year average for this time of year. Propane/propylene inventories decreased by 3.7 million barrels from last week and are 8% above the five year average for this time of year. Total commercial petroleum inventories decreased by 4.1 million barrels last week. Total products supplied over the last four-week period averaged 19.7 million barrels a day, up by 0.7% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.3 million barrels a day, up by 1.9% from the same period last year. Distillate fuel product supplied averaged 3.6 million barrels a day over the past four weeks, up by 6.2% from the same period last year. Jet fuel product supplied was up 8.9% compared with the same four-week period last year. The price for West Texas Intermediate crude oil was $78.56 per barrel on January 17, 2025, $1.29 more than a week ago, and $4.87 more than a year ago. The New York Harbor spot price for conventional gasoline increased to $2.205 per gallon, $0.051 more than a week ago, and $0.036 less than the year-ago price. The spot price for No. 2 heating oil at New York Harbor increased $0.125 to $2.554 per gallon, $0.016 less than the price last year. The national average retail price for regular gasoline increased to $3.043 per gallon on January 20, 2025, $0.066 above last week’s price, and $0.047 more than the year-ago price. The national average retail diesel fuel price increased $0.113 to $3.715 per gallon, $0.123 lower than the price one year ago.