Crude Oil Summary (EIA):
U.S. crude oil refinery inputs averaged 15.5 million barrels per day during the week ending April 8, 2022 which was 424,000 barrels per day less than the previous week’s average. Refineries operated at 90.0% of their operable capacity last week. Gasoline production increased last week, averaging 9.5 million barrels per day. Distillate fuel production decreased last week, averaging 4.7 million barrels per day. U.S. crude oil imports averaged 6.0 million barrels per day last week, down by 305,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.3 million barrels per day, 4.9% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 439,000 barrels per day, and distillate fuel imports averaged 154,000 barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 9.4 million barrels from the previous week. At 421.8 million barrels, U.S. crude oil inventories are about 13% below the five year average for this time of year. Total motor gasoline inventories decreased by 3.6 million barrels last week and are about 3% below the five year average for this time of year. Finished gasoline and blending components inventories both decreased last week. Distillate fuel inventories decreased by 2.9 million barrels last week and are about 17% below the five year average for this time of year. Propane/propylene inventories increased by 1.0 million barrels last week and are about 19% below the five year average for this time of year. Total commercial petroleum inventories increased by 7.4 million barrels last week. Total products supplied over the last four-week period averaged 19.9 million barrels a day, up by 1.3% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.6 million barrels a day, down by 2.3% from the same period last year. Distillate fuel product supplied averaged 3.9 million barrels a day over the past four weeks, down by 0.3% from the same period last year. Jet fuel product supplied was up 23.1% compared with the same four-week period last year. The West Texas Intermediate crude oil price was $98.35 per barrel on April 8, 2022, $0.97 below last week’s price but $39.06 more than a year ago. The spot price for conventional gasoline in the New York Harbor was $3.106 per gallon, $0.035 more than last week’s price and $1.150 above a year ago. The spot price for ultra-low sulfur diesel fuel in the New York Harbor was $3.611 per gallon, $0.203 above last week’s price and $1.801 over a year ago. The national average retail regular gasoline price decreased to $4.091 per gallon on April 11, 2022, $0.079 below last week’s price but $1.242 over a year ago. The national average retail diesel fuel price decreased to $5.073 per gallon, $0.071 per gallon less than last week’s price but $1.944 higher than a year ago.
