Summary (EIA):
U.S. crude oil refinery inputs averaged about 15.8 million barrels per day during the week ending February 16, 2018, 329,000 barrels per day less than the previous week’s average. Refineries operated at 88.1% of their operable capacity last week. Gasoline production increased last week, averaging 10.1 million barrels per day. Distillate fuel production decreased last week, averaging over 4.5 million barrels per day. U.S. crude oil imports averaged over 7.0 million barrels per day last week, down by 867,000 barrels per day from the previous week.
Over the last four weeks, crude oil imports averaged about 7.8 million barrels per day, 6.6% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 350,000 barrels per day. Distillate fuel imports averaged 243,000 barrels per day last week. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 1.6 million barrels from the previous week. At 420.5 million barrels, U.S. crude oil inventories are in the lower half of the average range for this time of year. Total motor gasoline inventories increased by 0.3 million barrels last week, and are in the upper half of the average range. Finished gasoline inventories increased while blending components inventories decreased last week. Distillate fuel inventories decreased by 2.4 million barrels last week and are in the middle of the average range for this time of year. Propane/propylene inventories decreased by 2.5 million barrels last week, and are in the lower half of the average range. Total commercial petroleum inventories decreased by 7.9 million barrels last week. Total products supplied over the last four-week period averaged 20.6 million barrels per day, up by 4.3% from the same period last year. Over the last four weeks, motor gasoline product supplied averaged 9.1 million barrels per day, up by 5.4% from the same period last year. Distillate fuel product supplied averaged over 4.1 million barrels per day over the last four weeks, up by 4.3% from the same period last year. Jet fuel product supplied is up 6.7% compared to the same four-week period last year. The WTI price was $61.89 per barrel on February 16, 2018, $2.69 over last week’s price and $8.48 above a year ago. The spot price for conventional gasoline in the New York Harbor was $1.791 per gallon, $0.034 higher than last week’s price and $0.266 more than a year ago. The spot price for No. 2 heating oil in the New York Harbor was $1.835 per gallon, $0.052 above last week’s price and $0.278 over a year ago. The national average retail regular gasoline price decreased to $2.557 per gallon on February 19, 2018, $0.050 less than last week’s price but $0.255 more than a year ago. The national average retail diesel fuel price decreased to $3.027 per gallon, $0.036 per gallon under last week but $0.455 over a year ago.
