Crude Oil Summary (EIA):
U.S. crude oil refinery inputs averaged 17.7 million barrels per day during the week ending June 29, 2018, which was 163,000 barrels per day less than the previous week’s average. Refineries operated at 97.1% of their operable capacity last week. Gasoline production increased last week, averaging 10.3 million barrels per day. Distillate fuel production increased last week, averaging 5.5 million barrels per day. U.S. crude oil imports averaged 9.1 million barrels per day last week, up by 699,000 barrels per day from the previous week.
Over the past four weeks, crude oil imports averaged about 8.4 million barrels per day, 6.6% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 648,000 barrels per day, and distillate fuel imports averaged 92,000 barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 1.2 million barrels from the previous week. At 417.9 million barrels, U.S. crude oil inventories are about 2% below the five year average for this time of year. Total motor gasoline inventories decreased by 1.5 million barrels last week and are about 6% above the five year range. Finished gasoline and blending components inventories both decreased last week. Distillate fuel inventories increased by 0.1 million barrels last week and are about 13% below the five year average for this time of year. Propane/propylene inventories increased by 2.9 million barrels last week and are about 10% below the five year average for this time of year. Total commercial petroleum inventories increased by 3.3 million barrels last week. Total products supplied over the last four-week period averaged 20.9 million barrels per day, up by 1.4% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.7 million barrels per day, up by 1.2% from the same period last year. Distillate fuel product supplied averaged 4.0 million barrels per day over the past four weeks, down by 3.5% from the same period last year. Jet fuel product supplied was down 5.3% compared with the same four week period last year. The West Texas Intermediate crude oil price was $74.13 per barrel on June 29, 2018, $5.11 above last week’s price and $28.11 higher than a year ago. The spot price for conventional gasoline in the New York Harbor was $2.117 per gallon, $0.106 more than last week’s price and $0.624 higher than a year ago. The spot price for ultra-low sulfur diesel fuel in the New York Harbor was $2.203 per gallon, $0.076 over last week’s price and $0.730 above a year ago. The national average retail regular gasoline price was $2.844 per gallon on July 2, 2018, $0.011 higher than last week’s price and $0.584 higher than a year ago. The national average retail diesel fuel price was $3.236 per gallon, $0.020 per gallon above last week’s level and $0.764 over a year ago.
