Crude Oil Summary (EIA)
U.S. crude oil refinery inputs averaged 15.8 million barrels per day during the week ending March 21, 2025, which was 87 thousand barrels per day more than the previous week’s average. Refineries operated at 87.0% of their operable capacity last week. Gasoline production decreased last week, averaging 9.2 million barrels per day. Distillate fuel production decreased last week, averaging 4.5 million barrels per day. U.S. crude oil imports averaged 6.2 million barrels per day last week, increased by 810 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 5.7 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 589 thousand barrels per day, and distillate fuel imports averaged 120 thousand barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 3.3 million barrels from the previous week. At 433.6 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 1.4 million barrels from last week and are 2% above the five year average for this time of year. Finished gasoline inventories increased and blending components inventories decreased last week. Distillate fuel inventories decreased by 0.4 million barrels last week and are about 7% below the five year average for this time of year. Propane/propylene inventories decreased by 0.2 million barrels from last week and are 11% below the five year average for this time of year. Total commercial petroleum inventories increased by 3.2 million barrels last week. Total products supplied over the last four-week period averaged 20.2 million barrels a day, up by 0.5% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.9 million barrels a day, down by 0.2% from the same period last year. Distillate fuel product supplied averaged 3.9 million barrels a day over the past four weeks, up by 1.8% from the same period last year. Jet fuel product supplied was up 3.9% compared with the same four-week period last year. The price for West Texas Intermediate crude oil was $68.52 per barrel on March 21, 2025, $1.09 more than a week ago, and $12.58 less than a year ago. The New York Harbor spot price for conventional gasoline increased to $2.008 per gallon, $0.044 more than a week ago, and $0.577 less than the year-ago price. The spot price for No. 2 heating oil at New York Harbor increased $0.086 to $2.155 per gallon, $0.410 less than the price last year. The national average retail price for regular gasoline increased to $3.115 per gallon on March 24, 2025, $0.057 above last week’s price, and $0.408 less than the year-ago price. The national average retail diesel fuel price increased $0.018 to $3.567 per gallon, $0.467 lower than the price one year ago.
