Crude Oil Summary (EIA):
U.S. crude oil refinery inputs averaged 15.9 million barrels per day during the week ending June 4, 2021 which was 327,000 barrels per day more than the previous week’s average. Refineries operated at 91.3% 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 4.9 million barrels per day. U.S. crude oil imports averaged 6.6 million barrels per day last week, increased by 1.0 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.2 million barrels per day, 1.9% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 1.1 million barrels per day, and distillate fuel imports averaged 189,000 barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 5.2 million barrels from the previous week. At 474.0 million barrels, U.S. crude oil inventories are about 4% below the five year average for this time of year. Total motor gasoline inventories increased by 7.0 million barrels last week and are about 0% below the five year average for this time of year. Finished gasoline and blending components inventories both increased last week. Distillate fuel inventories increased by 4.4 million barrels last week and are about 5% below the five year average for this time of year. Propane/propylene inventories increased by 5.5 million barrels last week and are about 12% below the five year average for this time of year. Total commercial petroleum inventories increased by 15.5 million barrels last week. Total products supplied over the last four-week period averaged 19.0 million barrels a day, up by 16.7% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.1 million barrels a day, up by 23.2% from the same period last year. Distillate fuel product supplied averaged 3.9 million barrels a day over the past four weeks, up by 21.6% from the same period last year. Jet fuel product supplied was up 95.1% compared with the same four-week period last year. The West Texas Intermediate crude oil price was $69.57 per barrel on June 4, 2021, $3.26 above last week’s price and $30.08 more than a year ago. The spot price for conventional gasoline in the New York Harbor was $2.164 per gallon, $0.054 more than last week’s price and $1.033 above a year ago. The spot price for ultra-low sulfur diesel fuel in the New York Harbor was $2.116 per gallon, $0.076 above last week’s price and $1.017 over a year ago. The national average retail regular gasoline price was $3.035 per gallon on June 7, 2021, $0.008 per gallon more than last week’s price and $0.999 over a year ago. The national average retail diesel fuel price was $3.274 per gallon, $0.019 above last week’s price and $0.878 over a year ago.
