Crude Oil Summary (EIA):
U.S. crude oil refinery inputs averaged 17.5 million barrels per day during the week ending November 30, 2018, which was 66,000 barrels per day less than the previous week’s average. Refineries operated at 95.5% of their operable capacity last week. Gasoline production decreased last week, averaging 9.7 million barrels per day. Distillate fuel production increased last week, averaging 5.6 million barrels per day. U.S. crude oil imports averaged 7.2 million barrels per day last week, down by 943,000 barrels per day from the previous week.
Over the past four weeks, crude oil imports averaged about 7.6 million barrels per day, 0.3% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 189,000 barrels per day, and distillate fuel imports averaged 436,000 barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 7.3 million barrels from the previous week. At 443.2 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 1.7 million barrels last week and are about 4% above the five year average for this time of year. Finished gasoline inventories decreased while blending components inventories increased last week. Distillate fuel inventories increased by 3.8 million barrels last week and are about 5% below the five year average for this time of year. Propane/propylene inventories decreased by 1.3 million barrels last week and are about 3% below the five year average for this time of year. Total commercial petroleum inventories decreased last week by 8.3 million barrels last week. Total products supplied over the last four-week period averaged 21.2 million barrels per day, up by 7.6% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.1 million barrels per day, up by 0.2% from the same period last year. Distillate fuel product supplied averaged 4.1 million barrels per day over the past four weeks, up by 5.1% from the same period last year. Jet fuel product supplied was up 3.7% compared with the same four-week period last year. The West Texas Intermediate price was $50.78 per barrel on November 30, 2018, $7.57 under a year ago. The spot price for conventional gasoline in the New York Harbor was $1.511 per gallon, $0.063 less than last week’s price and $0.263 lower than a year ago. The spot price for No. 2 heating oil in the New York Harbor was $1.817 per gallon, $0.144 below last week’s price and $0.033 under a year ago. The national average retail regular gasoline price was $2.451 per gallon on December 3, 2018, $0.088 lower than last week’s price and $0.049 under a year ago. The national average retail diesel fuel price was $3.207 per gallon, $0.054 per gallon below last week’s level but $0.285 over a year ago.
