Crude Oil Summary (EIA):
U.S. crude oil refinery inputs averaged 15.4 million barrels per day during the week ending November 10, 2023, which was 164 thousand barrels per day more than the previous week’s average. Refineries operated at 86.1% of their operable capacity last week. Gasoline production decreased last week, averaging 9.4 million barrels per day. Distillate fuel production increased last week, averaging 4.8 million barrels per day. U.S. crude oil imports averaged 6.4 million barrels per day last week, decreased by 21 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.3 million barrels per day, 3.3% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 514 thousand barrels per day, and distillate fuel imports averaged 152 thousand barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 3.6 million barrels from the previous week. At 439.4 million barrels, U.S. crude oil inventories are about 2% below the five year average for this time of year. Total motor gasoline inventories decreased by 1.5 million barrels from last week and are about 1% below the five year average for this time of year. Both finished gasoline and blending components inventories decreased last week. Distillate fuel inventories decreased by 1.4 million barrels last week and are about 13% below the five year average for this time of year. Propane/propylene inventories increased by 1.3 million barrels from last week and are 17% above the five year average for this time of year. Total commercial petroleum inventories decreased by 0.1 million barrels last week. Total products supplied over the last four-week period averaged 20.4 million barrels a day, down by 2.0% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.0 million barrels a day, up by 1.9% from the same period last year. Distillate fuel product supplied averaged 4.0 million barrels a day over the past four weeks, slightly below the same period last year. Jet fuel product supplied was up 14.0% compared with the same four-week period last year. The West Texas Intermediate crude oil price was not available on November 10, 2023, due to the Veteran’s Day holiday. The New York Harbor spot price for conventional gasoline increased $0.259 to $2.287 per gallon, while the spot price for No. 2 heating oil decreased $0.046 to $2.741 per gallon. The national average retail price for regular gasoline was $3.349 per gallon on November 13, 2023, $0.047 less than a week ago, and $0.366 less than the year-ago price. The national average retail diesel fuel price declined $0.072 to $4.294 per gallon, $1.019 less than the price last year.