Crude Oil Summary (EIA):
U.S. crude oil refinery inputs averaged 16.1 million barrels per day during the week ending April 5, 2019, which was 251,000 barrels per day more than the previous week’s average. Refineries operated at 87.5% of their operable capacity last week. Gasoline production increased last week, averaging 10.2 million barrels per day. Distillate fuel production increased last week, averaging 5.0 million barrels per day. U.S. crude oil imports averaged 6.6 million barrels per day last week, down by 164,000 barrels per day from the previous week.
Over the past four weeks, crude oil imports averaged about 6.7 million barrels per day, 15.5% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 714,000 barrels per day, and distillate fuel imports averaged 98,000 barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 7.0 million barrels from the previous week. At 456.5 million barrels, U.S. crude oil inventories are at the five year average for this time of year. Total motor gasoline inventories decreased by 7.7 million barrels last week and are at the five year average for this time of year. Finished gasoline and blending components inventories both decreased last week. Distillate fuel inventories decreased by 0.1 million barrels last week and are about 6% below the five year average for this time of year. Propane/propylene inventories increased by 1.2 million barrels last week and are about 19% above the five year average for this time of year. Total commercial petroleum inventories increased last week by 4.1 million barrels last week. Total products supplied over the last four-week period averaged 20.5 million barrels per day, down by 0.8% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.4 million barrels per day, up by 1.2% from the same period last year. Distillate fuel product supplied averaged 4.2 million barrels per day over the past four weeks, up by 3.1% from the same period last year. Jet fuel product supplied was up 0.7% compared with the same four-week period last year. The West Texas Intermediate crude oil price was $63.10 per barrel on April 5, 2019, $2.91 above last week’s price and $1.07 more than a year ago. The spot price for conventional gasoline in the New York Harbor was $1.992 per gallon, $0.161 more than last week’s price and $0.137 higher than a year ago. The spot price for ultra-low sulfur diesel fuel in the New York Harbor was $2.044 per gallon, $0.074 above last week’s price and $0.089 over a year ago. The national average retail regular gasoline price was $2.745 per gallon on April 8, 2019, $0.054 higher than last week’s price and $0.051 over a year ago. The national average retail diesel fuel price was $3.093 per gallon, $0.015 above last week’s price and $0.050 over a year ago.
