Crude Oil Summary (EIA):
U.S. crude oil refinery inputs averaged 13.8 million barrels per day during the week ending November 13, 2020 which was 395,000 barrels per day more than the previous week’s average. Refineries operated at 77.4% of their operable capacity last week. Gasoline production decreased last week, averaging 9.1 million barrels per day. Distillate fuel production increased last week, averaging 4.3 million barrels per day. U.S. crude oil imports averaged 5.3 million barrels per day last week, down by 245,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 5.4 million barrels per day, 12.5% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 530,000 barrels per day, and distillate fuel imports averaged 285,000 barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 0.8 million barrels from the previous week. At 489.5 million barrels, U.S. crude oil inventories are about 6% above the five year average for this time of year. Total motor gasoline inventories increased by 2.6 million barrels last week and are about 4% 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 5.2 million barrels last week and are about 11% above the five year average for this time of year. Propane/propylene inventories decreased by 2.0 million barrels last week and are about 6% above the five year average for this time of year. Total commercial petroleum inventories decreased by 10.2 million barrels last week. Total products supplied over the last four-week period averaged 19.4 million barrels a day, down by 9.1% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.5 million barrels a day, down by 9.5% from the same period last year. Distillate fuel product supplied averaged 4.1 million barrels a day over the past four weeks, down by 6.5% from the same period last year. Jet fuel product supplied was down 39.8% compared with the same fourweek period last year. The West Texas Intermediate crude oil price was $39.93 per barrel on November 13, 2020, $2.96 above last week’s price but $17.61 less than a year ago. The spot price for conventional gasoline in the New York Harbor was $1.158 per gallon, $0.037 greater than last week’s price but $0.557 below a year ago. The spot price for No. 2 heating oil in the New York Harbor was $1.108 per gallon, $0.045 above last week’s price but $0.827 under a year ago. The national average retail regular gasoline price was $2.111 per gallon on November 16, 2020, $0.015 per gallon greater than last week’s price but $0.481 under a year ago. The national average retail diesel fuel price was $2.441 per gallon, $0.058 per gallon above last week’s level but $0.633 under a year ago.
