Crude Oil Summary (EIA):
U.S. crude oil refinery inputs averaged 13.5 million barrels per day during the week ending June 5, 2020 which was 178,000 barrels per day more than the previous week’s average. Refineries operated at 73.1% of their operable capacity last week. Gasoline production increased last week, averaging 8.1 million barrels per day. Distillate fuel production increased last week, averaging 4.8 million barrels per day. U.S. crude oil imports averaged 6.9 million barrels per day last week, increased by 0.7 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.4 million barrels per day, 13.3% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 629,000 barrels per day, and distillate fuel imports averaged 177,000 barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 5.7 million barrels from the previous week. At 538.1 million barrels, U.S. crude oil inventories are about 14% above the five year average for this time of year. Total motor gasoline inventories increased by 0.9 million barrels last week and are about 11% above the five year average for this time of year. Finished gasoline and blending components inventories both increased last week. Distillate fuel inventories increased by 1.6 million barrels last week and are about 29% above the five year average for this time of year. Propane/propylene inventories decreased by 1.0 million barrels last week and are about 6% above the five year average for this time of year. Total commercial petroleum inventories increased last week by 9.7 million barrels last week. Total products supplied over the last four-week period averaged 16.3 million barrels a day, down by 20.1% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 7.4 million barrels a day, down by 22.7% from the same period last year. Distillate fuel product supplied averaged 3.2 million barrels a day more than the past four weeks, down by 18.1% from the same period last year. Jet fuel product supplied was down 63.8% compared with the same fourweek period last year. The West Texas Intermediate crude oil price was $39.49 per barrel on June 5, 2020, $3.92 above last week’s price but $14.46 less than a year ago. The spot price for conventional gasoline in the New York Harbor was $1.131 per gallon, $0.183 more than last week’s price but $0.546 below a year ago. The spot price for ultra-low sulfur diesel fuel in the New York Harbor was $1.099 per gallon, $0.144 above last week’s price but $0.720 under a year ago. The national average retail regular gasoline price was $2.036 per gallon on June 8, 2020, $0.062 higher than last week’s price but $0.696 under a year ago. The national average retail diesel fuel price was $2.396 per gallon, $0.010 per gallon above last week’s level but $0.709 under a year ago.
