Crude Oil Summary (EIA):
U.S. crude oil refinery inputs averaged 16.1 million barrels per day during the week ending July 9, 2021 which was 22,000 barrels per day less than the previous week’s average. Refineries operated at 91.8% of their operable capacity last week. Gasoline production decreased last week, averaging 9.9 million barrels per day. Distillate fuel production decreased last week, averaging 4.9 million barrels per day. U.S. crude oil imports averaged 6.2 million barrels per day last week, up by 347,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.4 million barrels per day, 0.1% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 1.0 million barrels per day, and distillate fuel imports averaged 77,000 barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 7.9 million barrels from the previous week. At 437.6 million barrels, U.S. crude oil inventories are about 8% below the five year average for this time of year. Total motor gasoline inventories increased by 1.0 million barrels last week and are about 1% 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 3.7 million barrels last week and are about 4% below the five year average for this time of year. Propane/propylene inventories increased by 1.6 million barrels last week and are about 18% below the five year average for this time of year. Total commercial petroleum inventories increased by 2.5 million barrels last week. Total products supplied over the last four-week period averaged 20.6 million barrels a day, up by 14.1% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.5 million barrels a day, up by 9.7% from the same period last year. Distillate fuel product supplied averaged 3.8 million barrels a day over the past four weeks, up by 8.4% from the same period last year. Jet fuel product supplied was up 65.9% compared with the same four-week period last year. The West Texas Intermediate crude oil price was $74.56 per barrel on July 9, 2021, $0.81 below last week’s price but $34.00 more than a year ago. The spot price for conventional gasoline in the New York Harbor was $2.261 per gallon, $0.015 less than last week’s price but $1.017 above a year ago. The spot price for ultra-low sulfur diesel fuel in the New York Harbor was $2.152 per gallon, $0.027 below last week’s price but $0.914 over a year ago. The national average retail regular gasoline price was $3.133 per gallon on July 12, 2021, $0.011 per gallon more than last week’s price and $0.938 over a year ago. The national average retail diesel fuel price was $3.338 per gallon, $0.007 above last week’s price and $0.900 over a year ago.
