Crude Oil Summary (EIA)
U.S. crude oil refinery inputs averaged 16.4 million barrels per day during the week ending May 8, 2026, which was 369 thousand barrels per day more than the previous week’s average. Refineries operated at 91.7% of their operable capacity last week. Gasoline production increased last week, averaging 9.8 million barrels per day. Distillate fuel production decreased, averaging 4.8 million barrels per day. U.S. crude oil imports averaged 5.9 million barrels per day last week, increased by 424 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 5.8 million barrels per day, 1.0% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 303 thousand barrels per day, and distillate fuel imports averaged 214 thousand barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 4.3 million barrels from the previous week. At 452.9 million barrels, U.S. crude oil inventories are about 0.3% below the five-year average for this time of year. Total motor gasoline inventories decreased by 4.1 million barrels from last week and are 5% below the fiveyear average for this time of year. Finished gasoline inventories increased, while blending component inventories decreased last week. Distillate fuel inventories increased by 0.2 million barrels last week and are about 9% below the five-year average for this time of year. Propane/propylene inventories increased by 3.6 million barrels from last week and are 55% above the fiveyear average for this time of year. Total commercial petroleum inventories decreased by 5.1 million barrels last week. Total products supplied over the last four-week period averaged 20.1 million barrels per day, up by 1.1% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.9 million barrels per day, down by 0.8% from the same period last year. Distillate fuel product supplied averaged 3.7 million barrels per day over the past four weeks, up by 1.3% from the same period last year. Jet fuel product supplied was down 5.5% compared with the same four-week period last year. The price for West Texas Intermediate crude oil was $98.87 per barrel on May 8, 2026, $6.51 less than a week ago, and $36.50 more than a year ago. The New York Harbor spot price for conventional gasoline was $3.548 per gallon, $0.082 less than a week ago, and $1.563 more than the year-ago price. The spot price for No. 2 heating oil at New York Harbor was $3.787 per gallon, $0.084 less than a week ago, and $1.814 more than the price last year. The national average retail price for regular gasoline increased to $4.500 per gallon on May 11, 2026, $0.048 more than last week’s price, and $1.38 more than the year-ago price. The national average retail diesel fuel price decreased $0.001 to $5.639 per gallon, $2.163 more than the price one year ago.
