Crude Oil Summary (EIA):
U.S. crude oil refinery inputs averaged 13.0 million barrels per day during the week ending October 16, 2020 which was 0.6 million barrels per day less than the previous week’s average. Refineries operated at 72.9% 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 4.1 million barrels per day. U.S. crude oil imports averaged 5.1 million barrels per day last week, down by 167,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 5.3 million barrels per day, 13.8% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 509,000 barrels per day, and distillate fuel imports averaged 152,000 barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 1.0 million barrels from the previous week. At 488.1 million barrels, U.S. crude oil inventories are about 10% above the five year average for this time of year. Total motor gasoline inventories increased by 1.9 million barrels last week and are about 2% above the five year average for this time of year. Finished gasoline and blending components inventories both increased last week. Distillate fuel inventories decreased by 3.8 million barrels last week and are about 19% above the five year average for this time of year. Propane/propylene inventories decreased by 1.6 million barrels last week and are about 11% above the five year average for this time of year. Total commercial petroleum inventories decreased by 7.2 million barrels last week. Total products supplied over the last four-week period averaged 18.3 million barrels a day, down by 12.9% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.6 million barrels a day, down by 8.7% from the same period last year. Distillate fuel product supplied averaged 3.8 million barrels a day over the past four weeks, down by 7.0% from the same period last year. Jet fuel product supplied was down 45.9% compared with the same fourweek period last year. The West Texas Intermediate crude oil price was $40.70 per barrel on October 16, 2020, $0.26 above last week’s price but $13.05 less than a year ago. The spot price for conventional gasoline in the New York Harbor was $1.215 per gallon, $0.037 less than last week’s price and $0.536 below a year ago. The spot price for No. 2 heating oil in the New York Harbor was $1.133 per gallon, $0.012 below last week’s price and $0.816 under a year ago. The national average retail regular gasoline price was $2.150 per gallon on October 19, 2020, $0.017 per gallon lower than last week’s price and $0.488 under a year ago. The national average retail diesel fuel price was $2.388 per gallon, $0.007 per gallon below last week’s level and $0.662 under a year ago.
