Crude Oil Summary (EIA)
U.S. crude oil refinery inputs averaged 15.7 million barrels per day during the week ending March 7, 2025, which was 321 thousand barrels per day more than the previous week’s average. Refineries operated at 86.5% 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 4.5 million barrels per day. U.S. crude oil imports averaged 5.5 million barrels per day last week, decreased by 343 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 5.8 million barrels per day, 10.6% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 578 thousand barrels per day, and distillate fuel imports averaged 249 thousand barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 1.4 million barrels from the previous week. At 435.2 million barrels, U.S. crude oil inventories are about 5% below the five year average for this time of year. Total motor gasoline inventories decreased by 5.7 million barrels from last week and are 1% above the five year average for this time of year. Finished gasoline inventories and blending components inventories both decreased last week. Distillate fuel inventories decreased by 1.6 million barrels last week and are about 5% below the five year average for this time of year. Propane/propylene inventories decreased by 3.4 million barrels from last week and are 10% below the five year average for this time of year. Total commercial petroleum inventories decreased by 6.0 million barrels last week. Total products supplied over the last four-week period averaged 20.7 million barrels a day, up by 3.9% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.7 million barrels a day, up by 0.1% from the same period last year. Distillate fuel product supplied averaged 4.1 million barrels a day over the past four weeks, up by 9.5% from the same period last year. Jet fuel product supplied was up 1.5% compared with the same four-week period last year. The price for West Texas Intermediate crude oil was $67.29 per barrel on March 7, 2025, $2.68 less than a week ago, and $11.67 less than a year ago. The New York Harbor spot price for conventional gasoline increased to $1.937 per gallon, $0.012 more than a week ago, and $0.393 less than the year-ago price. The spot price for No. 2 heating oil at New York Harbor decreased $0.078 to $2.154 per gallon, $0.427 less than the price last year. The national average retail price for regular gasoline decreased to $3.069 per gallon on March 10, 2025, $0.009 below last week’s price, and $0.307 less than the year-ago price. The national average retail diesel fuel price decreased $0.053 to $3.582 per gallon, $0.422 lower than the price one year ago.
