Crude Oil Summary (EIA):
U.S. crude oil refinery inputs averaged 16.5 million barrels per day during the week ending June 21, 2024, which was 234 thousand barrels per day less than the previous week’s average. Refineries operated at 92.2% of their operable capacity last week. Gasoline production decreased last week, averaging 9.9 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, decreased by 443 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 7.3 million barrels per day, 13.7% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 762 thousand barrels per day, and distillate fuel imports averaged 133 thousand barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 3.6 million barrels from the previous week. At 460.7 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 2.7 million barrels from last week and the same as the five year average for this time of year. Both finished gasoline and blending components inventories increased last week. Distillate fuel inventories decreased by 0.4 million barrels last week and are about 9% below the five year average for this time of year. Propane/propylene inventories increased by 2.1 million barrels from last week and are 11% above the five year average for this time of year. Total commercial petroleum inventories increased by 8.2 million barrels last week. Total products supplied over the last four-week period averaged 20.4 million barrels a day, up by 0.8% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.1 million barrels a day, down by 2.0% from the same period last year. Distillate fuel product supplied averaged 3.6 million barrels a day over the past four weeks, down by 1.0% from the same period last year. Jet fuel product supplied was up 0.1% compared with the same four-week period last year.The national average retail price for regular gasoline rose to $3.438 per gallon on June 24, 2024, $0.003 above last week’s price, and $0.133 less than the ear-ago price. The national average retail diesel fuel price rose $0.034 to $3.769 per gallon, $0.032 lower than the price one year.