Crude Oil Summary (EIA):
U.S. crude oil refinery inputs averaged 16.2 million barrels per day during the week ending October 5, 2018, which was 352,000 barrels per day less than the previous week’s average. Refineries operated at 88.8% of their operable capacity last week. Gasoline production decreased last week, averaging 9.7 million barrels per day. Distillate fuel production decreased last week, averaging 5.0 million barrels per day. U.S. crude oil imports averaged 7.4 million barrels per day last week, down by 568,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 7.8 million barrels per day, 5.3% more than the same four-week period last year.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 693,000 barrels per day, and distillate
fuel imports averaged 187,000 barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 6.0 million barrels from the previous week. At 410.0 million barrels, U.S. crude oil inventories are at the five year average for this time of year. Total motor gasoline inventories increased by 1.0 million barrels last week and are about 7% above the five year average for this time of year. Finished gasoline inventories decreased while blending components inventories increased last week. Distillate fuel inventories decreased by 2.7 million barrels last week and are about 4% below the five year average for this time of year. Propane/propylene inventories increased by 1.5 million barrels last week and are about 7% below the five year average for this time of year. Total commercial petroleum inventories increased last week by 11.3 million barrels last week. Total products supplied over the last four-week period averaged 20.3 million barrels per day, up by 0.2% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.2 million barrels per day, down by 2.6% from the same period last year. Distillate fuel product supplied averaged 4.2 million barrels per day over the past four weeks, up by 8.2% from the same period last year. Jet fuel product supplied was up 1.7% compared with the same four-week period last year. The West Texas Intermediate crude oil price was $74.26 per barrel on October 5, 2018, $1.10 above last week’s price and $24.92 higher than a year ago. The spot price for conventional gasoline in the New York Harbor was $2.170 per gallon, $0.012 more than last week’s price and $0.538 higher than a year ago. The spot price for No. 2 heating oil in the New York Harbor was $2.638 per gallon, $0.308 above last week’s price and $0.968 over a year ago. The national average retail regular gasoline price was $2.903 per gallon on October 8, 2018, $0.037 higher than last week’s price and $0.399 over a year ago. The national average retail diesel fuel price was $3.385 per gallon, $0.072 per gallon above last week’s level and $0.609 over a year ago.
