Crude Oil Summary (EIA)
U.S. crude oil refinery inputs averaged 15.4 million barrels per day during the week ending February 28, 2025, which was 346 thousand barrels per day less than the previous week’s average. Refineries operated at 85.9% of their operable capacity last week. Gasoline production increased last week, averaging 9.6 million barrels per day. Distillate fuel production decreased last week, averaging 4.6 million barrels per day. U.S. crude oil imports averaged 5.8 million barrels per day last week, decreased by 106 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.0 million barrels per day, 10.7% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 603 thousand barrels per day, and distillate fuel imports averaged 269 thousand 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 433.8 million barrels, U.S. crude oil inventories are about 4% below the five year average for this time of year. Total motor gasoline inventories decreased by 1.4 million barrels from last week and are 1% above the five year average for this time of year. Finished gasoline inventories increased, while blending components inventories decreased last week. Distillate fuel inventories decreased by 1.3 million barrels last week and are about 6% below the five year average for this time of year. Propane/propylene inventories decreased by 2.9 million barrels from last week and are 4% below the five year average for this time of year. Total commercial petroleum inventories decreased by 4.6 million barrels last week. Total products supplied over the last four-week period averaged 20.2 million barrels a day, up by 3.4% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.5 million barrels a day, up by 0.9% from the same period last year. Distillate fuel product supplied averaged 4.0 million barrels a day over the past four weeks, up by 7.1% from the same period last year. Jet fuel product supplied was up 1.3% compared with the same four-week period last year. The price for West Texas Intermediate crude oil was $69.97 per barrel on February 28, 2025, $0.75 less than a week ago, and $10.93 less than a year ago. The New York Harbor spot price for conventional gasoline decreased to $1.925 per gallon, $0.177 less than a week ago, and $0.495 less than the year ago price. The spot price for No. 2 heating oil at New York Harbor decreased $0.105 to $2.232 per gallon, $0.429 less than the price last year. The national average retail price for regular gasoline decreased to $3.078 per gallon on March 3, 2025, $0.047 below last week’s price, and $0.272 less than the year-ago price. The national average retail diesel fuel price decreased $0.062 to $3.635 per gallon, $0.387 lower than the price one year ago.