Crude Oil Summary (EIA)

For the week ending September 04, 2026, U.S. refineries processed 17.6 million barrels per day (b/d)—up 91,000 b/d from the previous week—at 97.8% capacity utilization. Gasoline output averaged 9.3 million b/d, and distillate production increased to 5.3 million b/d. Crude oil imports increased 53,000 b/d to 6.8 million b/d, and the four-week average of 6.6 million b/d is 2.3% above the year-ago level. Gasoline imports averaged 464,000 b/d; distillate imports averaged 185,000 b/d. Commercial crude oil inventories (excluding the Strategic Petroleum Reserve) decreased 0.4 million barrels to 424.1 million barrels, matching the five-year average. Gasoline inventories increased 1.3 million barrels, 5% below the five-year average. Distillate inventories increased 2.1 million barrels, 13% below the five-year average. Propane/propylene inventories increased 3.1 million barrels, 27% above the five-year average. Total commercial petroleum inventories increased by 6.3 million barrels for the week. Over the past four weeks, total product supplied averaged 20.1 million b/d, down 3.7% year over year. The four-week average for gasoline product supplied decreased 1.4% year over year to 8.8 million b/d, while the four week average for distillate product supplied decreased 2.6% to 3.7 million b/d. The four-week average for jet fuel product supplied decreased 2.3% year over year. The price for West Texas Intermediate crude oil was $92.69 per barrel on September 04, 2026, $8.12 more than a week ago, and $30.47 more than a year ago. The New York Harbor spot price for conventional gasoline was $3.245 per gallon, $0.282 less than a week ago, and $1.268 more than the year-ago price. The spot price for No. 2 heating oil at New York Harbor was $4.454 per gallon, $0.203 more than a week ago, and $2.260 more than the price last year. The national average retail price for regular gasoline increased to $4.157 per gallon on September 07, 2026, $0.086 more than last week’s price, and $0.965 more than the year-ago price. The national average retail diesel fuel price increased $0.368 to $5.967 per gallon, $2.201 more than the price one year ago.