Crude Oil Summary (EIA):
U.S. crude oil refinery inputs averaged 16.2 million barrels per day during the week ending August 26, 2022 which was 17,000 barrels per day less than the previous week’s average. Refineries operated at 92.7% of their operable capacity last week. Gasoline production increased last week, averaging 9.8 million barrels per day. Distillate fuel production decreased last week, averaging 4.9 million barrels per day. U.S. crude oil imports averaged 6.0 million barrels per day last week, decreased by 216,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.1 million barrels per day, 3.2% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 584,000 barrels per day, and distillate fuel imports averaged 208,000 barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 3.3 million barrels from the previous week. At 418.3 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 1.2 million barrels from last week and are about 7% below the five year average for this time of year. Finished gasoline inventories increased, but blending components inventories decreased last week. Distillate fuel inventories increased by 0.1 million barrels last week and are about 23% below the five year average for this time of year. Propane/propylene inventories increased by 4.2 million barrels from last week and are about 8% below the five year average for this time of year. Total commercial petroleum inventories decreased by 0.2 million barrels last week. Total products supplied over the last four-week period averaged 20.0 million barrels a day, down by 6.4% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.9 million barrels a day, down by 6.4% from the same period last year. Distillate fuel product supplied averaged 3.8 million barrels a day over the past four weeks, down by 8.8% from the same period last year. Jet fuel product supplied was up 10.9% compared with the same four-week period last year. The West Texas Intermediate crude oil price was $93.63 per barrel on August 26, 2022, $0.08 above last week’s price and $24.79 more than a year ago. The spot price for conventional gasoline in the New York Harbor was $2.874 per gallon, $0.154 less than last week’s price but $0.589 above a year ago. The spot price for ultra-low sulfur diesel fuel in the New York Harbor was $4.005 per gallon, $0.316 above last week’s price and $1.898 over a year ago. The national average retail regular gasoline price decreased to $3.827 per gallon on August 29, 2022, $0.053 below last week’s price but $0.688 over a year ago. The national average retail diesel fuel price increased to $5.115 per gallon, $0.206 per gallon more than last week’s price and $1.776 higher than a year ago.
