Crude Oil Summary (EIA):
U.S. crude oil refinery inputs averaged 15.9 million barrels per day during the week ending October 18, 2019, which was 429,000 barrels per day more than the previous week’s average. Refineries operated at 85.2% of their operable capacity last week. Gasoline production increased last week, averaging 10.1 million barrels per day. Distillate fuel production increased last week, averaging 4.8 million barrels per day. U.S. crude oil imports averaged 5.9 million barrels per day last week, down by 438,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.2 million barrels per day, 19.5% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 697,000 barrels per day, and distillate fuel imports averaged 133,000 barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 1.7 million barrels from the previous week. At 433.2 million barrels, U.S. crude oil inventories are at the five year average for this time of year. Total motor gasoline inventories decreased by 3.1 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 decreased last week. Distillate fuel inventories decreased by 2.7 million barrels last week and are about 12% below the five year average for this time of year. Propane/propylene inventories decreased by 0.5 million barrels last week and are about 13% above the five year average for this time of year. Total commercial petroleum inventories decreased last week by 9.0 million barrels last week. Total products supplied over the last four-week period averaged 21.1 million barrels per day, up by 3.4% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.4 million barrels per day, up by 2.3% from the same period last year. Distillate fuel product supplied averaged 4.1 million barrels per day over the past four weeks, up by 0.8% from the same period last year. Jet fuel product supplied was up 5.8% compared with the same four-week period last year. The West Texas Intermediate crude oil price was $53.75 per barrel on October 18, 2019, $1.01 below last week’s price and $15.41 less than a year ago. The spot price for conventional gasoline in the New York Harbor was $1.751 per gallon, $0.008 less than last week’s price and $0.240 lower than a year ago. The spot price for No. 2 heating oil in the New York Harbor was $1.949 per gallon, $0.013 above last week’s price but $0.343 under a year ago. The national average retail regular gasoline price was $2.638 per gallon on October 21, 2019, $0.009 more than last week’s price but $0.203 under a year ago. The national average retail diesel fuel price was $3.050 per gallon, $0.001 below last week’s price and $0.330 under a year ago.
