Crude Oil Summary (EIA):
U.S. crude oil refinery inputs averaged 15.2 million barrels per day during the week ending October 20, 2023, which was 206 thousand barrels per day less than the previous week’s average. Refineries operated at 85.6% of their operable capacity last week. Gasoline production increased last week, averaging 9.8 million barrels per day. Distillate fuel production increased last week, averaging 4.7 million barrels per day. U.S. crude oil imports averaged 6.0 million barrels per day last week, increased by 71 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.1 million barrels per day, 1.7% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 653 thousand barrels per day, and distillate fuel imports averaged 116 thousand barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 1.4 million barrels from the previous week. At 421.1 million barrels, U.S. crude oil inventories are about 5% below the five year average for this time of year. Total motor gasoline inventories increased by 0.2 million barrels from last week and are about 1% above the five year average for this time of year. Finished gasoline inventories increased, while blending components inventories decreased last week. Distillate fuel inventories decreased by 1.7 million barrels last week and are about 12% below the five year average for this time of year. Propane/ propylene inventories increased by 0.1 million barrels from last week and are 18% above the five year average for this time of year. Total commercial petroleum inventories decreased by 0.5 million barrels last week. Total products supplied over the last four-week period averaged 20.2 million barrels a day, down by 0.8% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.6 million barrels a day, down by 2.7% from the same period last year. Distillate fuel product supplied averaged 4.0 million barrels a day over the past four weeks, down by 2.8% from the same period last year. Jet fuel product supplied was up 5.0% compared with the same four-week period last year. The price for West Texas Intermediate crude oil was $89.12 per barrel on October 20, 2023, $1.45 more than last week, and $3.65 higher than a year ago. The New York Harbor spot price for conventional gasoline increased $0.024 to $2.578 per gallon, $0.371 less than the price at the same time last year. The spot price for No. 2 heating oil at New York Harbor dropped $0.054 to $3.119 per gallon, $1.025 less than the year-ago price. The national average retail price for regular gasoline was $3.533 per gallon on October 23, 2023, $0.043 less than last week, and $0.236 less than the price a year ago. The national average retail price for diesel fuel rose $0.101 to $4.545 per gallon, $0.796 less than the price last year at the same time.