Crude Oil Summary (EIA)

U.S. crude oil refinery inputs averaged 17.2 million barrels per day during the week ending July 31, 2026, which was 183 thousand barrels per day less than the previous week’s average. Refineries operated at 96.5% of their operable capacity last week. Gasoline production decreased last week, averaging 9.6 million barrels per day. Distillate fuel production decreased, averaging 5.2 million barrels per day. U.S. crude oil imports averaged 6.2 million barrels per day last week, increased by 515 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 5.8 million barrels per day, 4.4% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 463 thousand barrels per day, and distillate fuel imports averaged 99 thousand barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 2.5 million barrels from the previous week. At 407.0 million barrels, U.S. crude oil inventories are about 6% below the five-year average for this time of year. Total motor gasoline inventories decreased by 1.6 million barrels last week and are 7% below the five-year average for this time of year. Both finished gasoline and blending component inventories decreased last week. Distillate fuel inventories decreased by 3.5 million barrels last week and are about 12% below the five-year average for this time of year. Propane/propylene inventories increased by 0.8 million barrels from last week and are 32% above the five-year average for this time of year. Total commercial petroleum inventories increased by 2.0 million barrels last week. Total products supplied over the last four-week period averaged 20.4 million barrels per day, down by 0.9% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.0 million barrels per day, up by 0.6% from the same period last year. Distillate fuel product supplied averaged 3.6 million barrels per day over the past four weeks, up by 1.8% from the same period last year. Jet fuel product supplied was up 3.6% compared with the same four-week period last year. The price for West Texas Intermediate crude oil was $86.16 per barrel on July 31, 2026, $5.58 less than a week ago, and $17.77 more than a year ago. The New York Harbor spot price for conventional gasoline was $3.226 per gallon, $0.112 less than a week ago, and $1.108 more than the year-ago price. The spot price for No. 2 heating oil at New York Harbor was $4.026 per gallon, $0.107 less than a week ago, and $1.835 more than the price last year. The national average retail price for regular gasoline decreased to $4.079 per gallon on August 3, 2026, $0.017 less than last week’s price, and $0.939 more than the year-ago price. The national average retail diesel fuel price increased $0.035 to $5.348 per gallon, $1.548 more than the price one year ago.