Crude Oil Summary (EIA):
U.S. crude oil refinery inputs averaged 15.8 million barrels per day during the week ending March 15, 2024, which was 127 thousand barrels per day more than the previous week’s average. Refineries operated at 87.8% of their operable capacity last week. Gasoline production decreased last week, averaging 9.6 million barrels per day. Distillate fuel production increased last week, averaging 4.7 million barrels per day. U.S. crude oil imports averaged 6.3 million barrels per day last week, increased by 787 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.3 million barrels per day, 2.0% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 496 thousand barrels per day, and distillate fuel imports averaged 170 thousand barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 2.0 million barrels from the previous week. At 445.0 million barrels, U.S. crude oil inventories are about 3% below the five year average for this time of year. Total motor gasoline inventories decreased by 3.3 million barrels from last week and are about 2% below the five year average for this time of year. Both finished gasoline and blending components inventories decreased last week. Distillate fuel inventories increased by 0.6 million barrels last week and are about 5% below the five year average for this time of year. Propane/propylene inventories increased by 0.4 million barrels from last week and are 9% above the five year average for this time of year. Total commercial petroleum inventories decreased by 6.1 million barrels last week. Total products supplied over the last four-week period averaged 20.1 million barrels a day, up by 2.2% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.8 million barrels a day, up by 0.3% from the same period last year. Distillate fuel product supplied averaged 3.7 million barrels a day over the past four weeks, down by 1.9% from the same period last year. Jet fuel product supplied was down 0.2% compared with the same four-week period last year. The price for West Texas Intermediate crude oil was $81.94 per barrel on March 15, 2024, $2.98 higher than a week ago, and $15.33 more than a year ago. The New York Harbor spot price for conventional gasoline increased to $2.545 per gallon, $0.215 more than a week ago, and $0.198 more than the year-ago price. The spot price for No. 2 heating oil at New York Harbor rose $0.074 to $2.655 per gallon, $0.125 more than the price last year. The national average retail price for regular gasoline rose to $3.453 per gallon on March 18, 2024, $0.077 above last week’s price, and $0.031 more than the year-ago price. The national average retail diesel fuel price rose $0.024 to $4.028 per gallon, $0.157 lower than the price one year ago.