Crude Oil Summary (EIA):
U.S. crude oil refinery inputs averaged 12.8 million barrels per day during the week ending September 4, 2020 which was 1.1 million barrels per day less than the previous week’s average. Refineries operated at 71.8% of their operable capacity last week. Gasoline production decreased last week, averaging 8.9 million barrels per day. Distillate fuel production decreased last week, averaging 4.4 million barrels per day. U.S. crude oil imports averaged 5.4 million barrels per day last week, increased by 0.5 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 5.5 million barrels per day, 17.9% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 574,000 barrels per day, and distillate fuel imports averaged 160,000 barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 2.0 million barrels from the previous week. At 500.4 million barrels, U.S. crude oil inventories are about 14% above the five year average for this time of year. Total motor gasoline inventories decreased by 3.0 million barrels last week and are about 3% above the five year average for this time of year. Finished gasoline and blending components inventories both decreased last week. Distillate fuel inventories decreased by 1.7 million barrels last week and are about 20% above the five year average for this time of year. Propane/propylene inventories increased by 2.2 million barrels last week and are about 12% above the five year average for this time of year. Total commercial petroleum inventories decreased by 3.4 million barrels last week. Total products supplied over the last four-week period averaged 18.1 million barrels a day, down by 16.0% 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 3.7 million barrels a day over the past four weeks, down by 5.7% from the same period last year. Jet fuel product supplied was down 45.1% compared with the same fourweek period last year. The West Texas Intermediate crude oil price was $39.69 per barrel on September 4, 2020, $3.27 below last week’s price and $16.76 less than a year ago. The spot price for conventional gasoline in the New York Harbor was $1.221 per gallon, $0.063 less than last week’s price and $0.490 below a year ago. The spot price for ultra-low sulfur diesel fuel in the New York Harbor was $1.126 per gallon, $0.078 below last week’s price and $0.767 under a year ago. The national average retail regular gasoline price was $2.211 per gallon on September 7, 2020, $0.011 per gallon lower than last week’s price and $0.339 under a year ago. The national average retail diesel fuel price was $2.435 per gallon, $0.006 per gallon below last week’s level and $0.536 under a year ago.
