Crude Oil Summary (EIA)
U.S. crude oil refinery inputs averaged 16.9 million barrels per day during the week ending August 30, 2024, which was 36 thousand barrels per day more than the previous week’s average. Refineries operated at 93.3% of their operable capacity last week. Gasoline production increased last week, averaging 9.7 million barrels per day. Distillate fuel production increased last week, averaging 5.2 million barrels per day. U.S. crude oil imports averaged 5.8 million barrels per day last week, decreased by 768 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.3 million barrels per day, 8.0% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 655 thousand barrels per day, and distillate fuel imports averaged 182 thousand barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 6.9 million barrels from the previous week. At 418.3 million barrels, U.S. crude oil inventories are about 5% below the five year average for this time of year. Total motor gasoline inventories increased by 0.8 million barrels from last week and are about 2% below the five year average for this time of year. Both finished gasoline inventories and blending components inventories increased last week. Distillate fuel inventories decreased by 0.4 million barrels last week and are about 10% below the five year average for this time of year. Propane/propylene inventories increased by 2.6 million barrels from last week and are 12% above the five year average for this time of year. Total commercial petroleum inventories decreased by 8.0 million barrels last week. Total products supplied over the last four-week period averaged 20.8 million barrels a day, down by 1.6% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.1 million barrels a day, up by 0.9% from the same period last year. Distillate fuel product supplied averaged 3.7 million barrels a day over the past four weeks, down by 0.7% from the same period last year. Jet fuel product supplied was up 2.8% compared with the same four-week period last year. The price for West Texas Intermediate crude oil was $74.52 per barrel on August 30, 2024, $1.30 lower than a week ago, and $11.00 less than a year ago. The New York Harbor spot price for conventional gasoline decreased to $2.220 per gallon, $0.081 lower than a week ago, and $0.428 less than the year-ago price. The spot price for No. 2 heating oil at New York Harbor declined $0.058 to $2.075 per gallon, $0.857 less than the price last year. The national average retail price for regular gasoline declined to $3.289 per gallon on September 2, 2024, $0.024 below last week’s price, and $0.518 less than the year-ago price. The national average retail diesel fuel price declined $0.026 to $3.625 per gallon, $0.867 lower than the price one year ago.