Crude Oil Summary (EIA):
U.S. crude oil refinery inputs averaged 14.5 million barrels per day during the week ending August 14, 2020 which was 171,000 barrels per day less than the previous week’s average. Refineries operated at 80.9% of their operable capacity last week. Gasoline production decreased last week, averaging 9.4 million barrels per day. Distillate fuel production decreased last week, averaging 4.7 million barrels per day. U.S. crude oil imports averaged 5.7 million barrels per day last week, up by 109,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 5.6 million barrels per day, 21.7% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 557,000 barrels per day, and distillate fuel imports averaged 48,000 barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 1.6 million barrels from the previous week. At 512.5 million barrels, U.S. crude oil inventories are about 15% above the five year average for this time of year. Total motor gasoline inventories decreased by 3.3 million barrels last week and are about 7% above the five year average for this time of year. Finished gasoline inventories increased while blending components inventories decreased last week. Distillate fuel inventories increased by 0.2 million barrels last week and are about 24% above the five year average for this time of year. Propane/propylene inventories virtually unchanged last week and are about 10% above the five year average for this time of year. Total commercial petroleum inventories decreased last week by 2.6 million barrels last week. Total products supplied over the last four-week period averaged 18.4 million barrels a day, down by 14.3% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.7 million barrels a day, down by 9.9% from the same period last year. Distillate fuel product supplied averaged 3.6 million barrels a day over the past four weeks, down by 6.1% from the same period last year. Jet fuel product supplied was down 47.6% compared with the same four week period last year. The West Texas Intermediate crude oil price was $42.05 per barrel on August 14, 2020, $0.89 above last week’s price but $12.78 less than a year ago. The spot price for conventional gasoline in the New York Harbor was $1.234 per gallon, $0.052 more than last week’s price but $0.425 below a year ago. The spot price for ultra-low sulfur diesel fuel in the New York Harbor was $1.224 per gallon, $0.010 above last week’s price but $0.585 under a year ago. The national average retail regular gasoline price was $2.166 per gallon on August 17, 2020, unchanged from last week’s price but $0.432 under a year ago. The national average retail diesel fuel price was $2.427 per gallon, $0.001 per gallon below last week’s level and $0.567 under a year ago.
