Crude Oil Summary (EIA)
U.S. crude oil refinery inputs averaged 16.2 million barrels per day during the week ending January 23, 2026, which was 395 thousand barrels per day less than the previous week’s average. Refineries operated at 90.9% of their operable capacity last week. Gasoline production increased last week, averaging 9.6 million barrels per day. Distillate fuel production decreased by 268 thousand barrels per day last week, averaging 4.8 million barrels per day. U.S. crude oil imports averaged 5.6 million barrels per day last week, decreased by 804 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.4 million barrels per day, 0.9% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 364 thousand barrels per day, and distillate fuel imports averaged 253 thousand barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 2.3 million barrels from the previous week. At 423.8 million barrels, U.S. crude oil inventories are about 3% below the five year average for this time of year. Total motor gasoline inventories increased by 0.2 million barrels from last week and are about 5% above the five year average for this time of year. Finished gasoline inventories increased, while blending components inventories decreased last week. Distillate fuel inventories increased by 0.3 million barrels last week and are about 1% above the five year average for this time of year. Propane/propylene inventories decreased 4.7 million barrels from last week and are about 41% above the five year average for this time of year. Total commercial petroleum inventories decreased by 6.8 million barrels last week. Total products supplied over the last four-week period averaged 20.3 million barrels per day, 0.1% below the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.3 million barrels per day, down by 0.4% from the same period last year. Distillate fuel product supplied averaged 3.7 million barrels per day over the past four weeks, down by 4.8% from the same period last year. Jet fuel product supplied was up 5.5% compared with the same four-week period last year. The price for West Texas Intermediate crude oil was $60.70 per barrel on January 23, 2026, $1.30 more than a week ago, and $14.27 less than a year ago. The New York Harbor spot price for conventional gasoline was $2.097 per gallon, $0.046 more than a week ago, and $0.048 less than the year-ago price. The spot price for No. 2 heating oil at New York Harbor was $2.188 per gallon, $0.096 more than a week ago, and $0.266 less than the price last year. The national average retail price for regular gasoline increased to $2.853 per gallon on January 26, 2026, $0.047 more than last week’s price, and $0.250 less than the year-ago price. The national average retail diesel fuel price increased $0.094 to $3.624 per gallon, $0.035 less than the price one year ago.
