Crude Oil Summary (EIA)
U.S. crude oil refinery inputs averaged 15.7 million barrels per day during the week ending March 14, 2025, which was 45 thousand barrels per day less than the previous week’s average. Refineries operated at 86.9% of their operable capacity last week. Gasoline production increased last week, averaging 9.6 million barrels per day. Distillate fuel production increased last week, averaging 4.6 million barrels per day. U.S. crude oil imports averaged 5.4 million barrels per day last week, decreased by 85 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 5.6 million barrels per day, 11.0% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 657 thousand barrels per day, and distillate fuel imports averaged 257 thousand barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 1.7 million barrels from the previous week. At 437.0 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 0.5 million barrels from last week and are 2% 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 2.8 million barrels last week and are about 6% below the five year average for this time of year. Propane/propylene inventories decreased by 1.9 million barrels from last week and are 12% below the five year average for this time of year. Total commercial petroleum inventories increased by 1.6 million barrels last week. Total products supplied over the last four-week period averaged 20.6 million barrels a day, up by 2.5% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.8 million barrels a day, even with the same period last year. Distillate fuel product supplied averaged 4.0 million barrels a day over the past four weeks, up by 8.3% from the same period last year. Jet fuel product supplied was up 5.2% compared with the same four-week period last year. The price for West Texas Intermediate crude oil was $67.43 per barrel on March 14, 2025, $0.14 more than a week ago, and $14.51 less than a year ago. The New York Harbor spot price for conventional gasoline increased to $1.964 per gallon, $0.027 more than a week ago, and $0.581 less than the year-ago price. The spot price for No. 2 heating oil at New York Harbor decreased $0.085 to $2.069 per gallon, $0.586 less than the price last year. The national average retail price for regular gasoline decreased to $3.058 per gallon on March 17, 2025, $0.011 below last week’s price, and $0.395 less than the year-ago price. The national average retail diesel fuel price decreased $0.033 to $3.549 per gallon, $0.479 lower than the price one year ago.