Crude Oil Summary (EIA):
U.S. crude oil refinery inputs averaged 15.8 million barrels per day during the week ending April 5, 2024, which was 115 thousand barrels per day less than the previous week’s average. Refineries operated at 88.3% of their operable capacity last week. Gasoline production decreased last week, averaging 9.4 million barrels per day. Distillate fuel production increased last week, averaging 4.6 million barrels per day. U.S. crude oil imports averaged 6.4 million barrels per day last week, decreased by 183 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.5 million barrels per day, 4.8% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 730 thousand barrels per day, and distillate fuel imports averaged 163 thousand barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 5.8 million barrels from the previous week. At 457.3 million barrels, U.S. crude oil inventories are about 2% below the five year average for this time of year. Total motor gasoline inventories increased by 0.7 million barrels from last week and are about 3% below the five year average for this time of year. Both finished gasoline and blending components inventories increased last week. Distillate fuel inventories increased by 1.7 million barrels last week and are about 5% below the five year average for this time of year. Propane/propylene inventories decreased by 0.1 million barrels from last week and are 9% above the five year average for this time of year. Total commercial petroleum inventories increased by 12.4 million barrels last week. Total products supplied over the last four-week period averaged 20.0 million barrels a day, down by 0.4% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.8 million barrels a day, down by 2.7% from the same period last year. Distillate fuel product supplied averaged 3.6 million barrels a day over the past four weeks, down by 8.9% from the same period last year. Jet fuel product supplied was up 3.5% compared with the same four-week period last year. The price for West Texas Intermediate crude oil was $87.69 per barrel on April 5, 2024, $3.73 higher than a week ago, and $6.99 more than a year ago. The New York Harbor spot price for conventional gasoline increased to $2.763 per gallon, $0.180 more than a week ago, and $0.107 less than the year-ago price. The spot price for No. 2 heating oil at New York Harbor rose $0.142 to $2.667 per gallon, $0.125 more than the price last year. The national average retail price for regular gasoline rose to $3.591 per gallon on April 8, 2024, $0.074 above last week’s price, and $0.005 less than the yearago price. The national average retail diesel fuel price rose $0.065 to $4.061 per gallon, $0.037 lower than the price one year ago.