Crude Oil Summary (EIA):
U.S. crude oil refinery inputs averaged 15.8 million barrels per day during the week ending February 8, 2019, which was 865,000 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 9.6 million barrels per day. Distillate fuel production decreased last week, averaging 4.8 million barrels per day. U.S. crude oil imports averaged 6.2 million barrels per day last week, down by 936,000 barrels per day from the previous week.
Over the past four weeks, crude oil imports averaged about 7.2 million barrels per day, 11.2% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 457,000 barrels per day, and distillate fuel imports averaged 438,000 barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 3.6 million barrels from the previous week. At 450.8 million barrels, U.S. crude oil inventories are about 6% above the five year average for this time of year. Total motor gasoline inventories increased by 0.4 million barrels last week and are about 4% 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 1.2 million barrels last week and are about 2% below the five year average for this time of year. Propane/propylene inventories increased by 0.7 million barrels last week and are about 11% above the five year average for this time of year. Total commercial petroleum inventories increased last week by 6.5 million barrels last week. Total products supplied over the last four-week period averaged 20.8 million barrels per day, up by 0.6% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.0 million barrels per day, up by 0.7% from the same period last year. Distillate fuel product supplied averaged 4.3 million barrels per day over the past four weeks, up by 6.5% from the same period last year. Jet fuel product supplied was up 1.2% compared with the same four-week period last year. The West Texas intermediate crude oil price was $52.75 per barrel on February 8, 2019, $2.54 below last week’s price and $6.45 lower than a year ago. The spot price for conventional gasoline in the New York Harbor was $1.492 per gallon, $0.029 more than last week’s price but $0.265 lower than a year ago. The spot price for No. 2 heating oil in the New York Harbor was $1.876 per gallon, $0.005 below last week’s price but $0.093 over a year ago. The national average retail regular gasoline price was $2.276 per gallon on February 11, 2019, $0.022 higher than last week’s price but $0.331 under a year ago. The national average retail diesel fuel price was $2.966 per gallon, unchanged from last week’s level but $0.097 under a year ago.
