Crude Oil Summary (EIA):
U.S. crude oil refinery inputs averaged 16.0 million barrels per day during the week ending November 24, 2023, which was 518 thousand barrels per day more than the previous week’s average. Refineries operated at 89.8% of their operable capacity last week. Gasoline production decreased last week, averaging 9.3 million barrels per day. Distillate fuel production increased last week, averaging 5.0 million barrels per day. U.S. crude oil imports averaged 5.8 million barrels per day last week, decreased by 696 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.3 million barrels per day, 0.1% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 463 thousand barrels per day, and distillate fuel imports averaged 95 thousand barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 1.6 million barrels from the previous week. At 449.7 million barrels, U.S. crude oil inventories are slightly above the five year average for this time of year. Total motor gasoline inventories increased by 1.8 million barrels from last week and are about 2% below the five year average for this time of year. Both finished gasoline and blending components inventories increased last week. Distillate fuel inventories increased by 5.2 million barrels last week and are about 11% below the five year average for this time of year. Propane/propylene inventories decreased by 0.5 million barrels from last week and are 17% above the five year average for this time of year. Total commercial petroleum inventories increased by 2.9 million barrels last week. Total products supplied over the last four-week period averaged 20.2 million barrels a day, down by 1.5% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.8 million barrels a day, up by 2.1% from the same period last year. Distillate fuel product supplied averaged 3.9 million barrels a day over the past four weeks, slightly above the same period last year. Jet fuel product supplied was up 5.5% compared with the same four-week period last year. The West Texas Intermediate crude oil price was $74.83 per barrel on November 24, 2023, $1.64 less than last week’s price, and $1.62 below the price last year. The New York Harbor spot price for conventional gasoline was $2.341 per gallon, down $0.004 from the previous week, and $0.212 below the year-ago price. The spot price for No. 2 heating oil at New York Harbor rose $0.062 to $2.823 per gallon but was $0.466 less than last year’s price. The national average retail price for regular gasoline dropped to $3.238 per gallon on November 27, 2023, $0.051 less than the previous week, and $0.245 less than the price last year. The national average retail diesel fuel price declined $0.063 to $4.146 per gallon, $0.995 less than the price one year ago.
