Crude Oil Summary (EIA):
U.S. crude oil refinery inputs averaged 15.6 million barrels per day during the week ending February 4, 2022 which was 328,000 barrels per day more than the previous week’s average. Refineries operated at 88.2% of their operable capacity last week. Gasoline production increased last week, averaging 9.4 million barrels per day. Distillate fuel production increased last week, averaging 4.7 million barrels per day. U.S. crude oil imports averaged 6.4 million barrels per day last week, decreased by 0.7 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.6 million barrels per day, 12.7% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 514,000 barrels per day, and distillate fuel imports averaged 440,000 barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 4.8 million barrels from the previous week. At 410.4 million barrels, U.S. crude oil inventories are about 11% below the five year average for this time of year. Total motor gasoline inventories decreased by 1.6 million barrels last week and are about 3% below the five year average for this time of year. Finished gasoline and blending components inventories both decreased last week. Distillate fuel inventories decreased by 0.9 million barrels last week and are about 19% below the five year average for this time of year. Propane/propylene inventories decreased by 1.9 million barrels last week and are about 11% below the five year average for this time of year. Total commercial petroleum inventories decreased by 8.1 million barrels last week. Total products supplied over the last four-week period averaged 21.9 million barrels a day, up by 12.3% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.5 million barrels a day, up by 7.9% from the same period last year. Distillate fuel product supplied averaged 4.6 million barrels a day over the past four weeks, up by 9.9% from the same period last year. Jet fuel product supplied was up 30.4% compared with the same four-week period last year. The West Texas Intermediate crude oil price was $92.27 per barrel on February 4, 2022, $4.60 above last week’s price and $35.47 more than a year ago. The spot price for conventional gasoline in the New York Harbor was $2.726 per gallon, $0.121 more than last week’s price and $1.054 above a year ago. The spot price for No. 2 heating oil in the New York Harbor was $2.776 per gallon, $0.121 above last week’s price and $1.186 over a year ago. The national average retail regular gasoline price increased to $3.444 per gallon on February 7, 2022, $0.076 above last week’s price and $0.983 over a year ago. The national average retail diesel fuel price increased to $3.951 per gallon, $0.105 per gallon more than last week’s price and $1.150 higher than a year ago.
