Crude Oil Summary (EIA):
U.S. crude oil refinery inputs averaged 15.9 million barrels per day during the week ending January 24, 2020, which was 933,000 barrels per day less than the previous week’s average. Refineries operated at 87.2% of their operable capacity last week. Gasoline production decreased last week, averaging 9.2 million barrels per day. Distillate fuel production increased last week, averaging 5.0 million barrels per day. U.S. crude oil imports averaged 6.7 million barrels per day last week, up by 229,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.6 million barrels per day, 13.9% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 543,000 barrels per day, and distillate fuel imports averaged 122,000 barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 3.5 million barrels from the previous week. At 431.7 million barrels, U.S. crude oil inventories are about 2% below the five year average for this time of year. Total motor gasoline inventories increased by 1.2 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 decreased by 1.3 million barrels last week and are about 3% below the five year average for this time of year. Propane/propylene inventories decreased by 3.6 million barrels last week and are about 28% above the five year average for this time of year. Total commercial petroleum inventories increased last week by 1.0 million barrels last week. Total products supplied over the last four-week period averaged 19.9 million barrels per day, down by 4.1% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.5 million barrels per day, down by 4.4% from the same period last year. Distillate fuel product supplied averaged 3.7 million barrels per day over the past four weeks, down by 8.3% from the same period last year. Jet fuel product supplied was down 0.8% compared with the same four week period last year. The West Texas Intermediate crude oil price was $54.09 per barrel on January 24, 2020, $4.46 below last week’s price but $0.56 more than a year ago. The spot price for conventional gasoline in the New York Harbor was $1.559 per gallon, $0.127 less than last week’s price but $0.138 above a year ago. The spot price for No. 2 heating oil in the New York Harbor was $1.709 per gallon, $0.124 below last week’s price and $0.146 under a year ago. The national average retail regular gasoline price was $2.506 per gallon on January 27, 2020, $0.031 lower than last week’s price but $0.250 over a year ago. The national average retail diesel fuel price was $3.010 per gallon, $0.027 per gallon below last week’s level but $0.045 over a year ago.
