Crude Oil Summary (EIA):
U.S. crude oil refinery inputs averaged 16.1 million barrels per day during the week ending August 20, 2021 which was 66,000 barrels per day more than the previous week’s average. Refineries operated at 92.4% of their operable capacity last week. Gasoline production increased last week, averaging 10.2 million barrels per day. Distillate fuel production increased last week, averaging 5.0 million barrels per day. U.S. crude oil imports averaged 6.2 million barrels per day last week, down by 193,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.3 million barrels per day, 8.8% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 1.1 million barrels per day, and distillate fuel imports averaged 288,000 barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 3.0 million barrels from the previous week. At 432.6 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 2.2 million barrels last week and are about 3% below the five year average for this time of year. Finished gasoline and blending components inventories both decreased last week. Distillate fuel inventories increased by 0.6 million barrels last week and are about 8% below the five year average for this time of year. Propane/propylene inventories increased by 2.0 million barrels last week and are about 17% below the five year average for this time of year. Total commercial petroleum inventories decreased by 4.8 million barrels last week. Total products supplied over the last four-week period averaged 21.0 million barrels a day, up by 13.4% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.5 million barrels a day, up by 8.0% from the same period last year. Distillate fuel product supplied averaged 3.9 million barrels a day over the past four weeks, up by 6.8% from the same period last year. Jet fuel product supplied was up 45.4% compared with the same four-week period last year. The West Texas Intermediate crude oil price was $62.25 per barrel on August 20, 2021, $6.11 below last week’s price but $19.93 more than a year ago. The spot price for conventional gasoline in the New York Harbor was $2.008 per gallon, $2.555 less than last week’s price but $0.737 above a year ago. The spot price for ultra-low sulfur diesel fuel in the New York Harbor was $1.897 per gallon, $0.166 below last week’s price but $0.694 over a year ago. The national average retail regular gasoline price was $3.145 per gallon on August 23, 2021, $0.029 per gallon less than last week’s price but $0.963 over a year ago. The national average retail diesel fuel price was $3.324 per gallon, $0.032 below last week’s price but $0.898 over a year ago.
