Summary (EIA):
U.S. crude oil refinery inputs averaged 16.8 million barrels per day during the week ending February 2, 2018, 784,000 barrels per day
more than the previous week’s average. Refineries operated at 92.5% of their operable capacity last week. Gasoline production increased last week, averaging 10.1 million barrels per day. Distillate fuel production increased last week, averaging over 5.1 million barrels per day. U.S. crude oil imports averaged 7.9 million barrels per day last week, down by 538,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged 8.1 million barrels per day, 4.5% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 746,000 barrels per day. Distillate fuel imports averaged 313,000 barrels per day last week.
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 1.9 million barrels from the previous week. At 420.3 million barrels, U.S. crude oil inventories are in the middle of the average range for this time of year. Total motor gasoline inventories increased by 3.4 million barrels last week, and are in the middle of the average range. Both finished gasoline inventories and blending components inventories Increased last week. Distillate fuel inventories increased by 3.9 million barrels last week and are in the middle of the average range for this time of year. Propane/propylene inventories decreased by 4.1 million barrels last week, but are in the middle of the average range. Total commercial petroleum inventories increased by 4.4 million barrels last week. Total products supplied over the last four-week period averaged over 20.8 million barrels per day, up by 4.8% from the same period last year. Over the last four weeks, motor gasoline product supplied averaged 8.9 million barrels per day, up by 6.5% from the same period last year. Distillate fuel product supplied averaged 4.2 million barrels per day over the last four weeks, up by 8.9% from the same period last year. Jet fuel product supplied is down 0.6% compared to the same four-week period last year. The WTI price was $65.50 per barrel on February 2, 2018, $0.77 under last week’s price but $11.69 over a year ago. The spot price for conventional gasoline in the New York Harbor was $1.930 per gallon, $0.069 lower than last week’s price but $0.369 higher than a year ago. The spot price for No. 2 heating oil in the New York Harbor was $1.962
per gallon, $0.102 below last week’s price but $0.390 above a year ago. The national average retail regular gasoline price increased for the seventh week in a row to $2.637 per gallon on February 5, 2018, $0.030 above last week’s price and $0.344 more than a year ago. The national average retail diesel fuel price increased to $3.086 per gallon, $0.016 per gallon above last week and $0.528 over a year ago.
