Crude Oil Summary (EIA):
U.S. crude oil refinery inputs averaged 16.6 million barrels per day during the week ending December 13, 2019, which was 35,000 barrels per day less than the previous week’s average. Refineries operated at 90.6% of their operable capacity last week. Gasoline production increased last week, averaging 9.8 million barrels per day. Distillate fuel production decreased last week, averaging 5.1 million barrels per day. U.S. crude oil imports averaged 6.6 million barrels per day last week, down by 308,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.4 million barrels per day, 15.1% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 519,000 barrels per day, and distillate fuel imports averaged 178,000 barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 1.1 million barrels from the previous week. At 446.8 million barrels, U.S. crude oil inventories are about 4% above the five year average for this time of year. Total motor gasoline inventories increased by 2.5 million barrels last week and are about 5% 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 1.5 million barrels last week and are about 7% below the five year average for this time of year. Propane/propylene inventories decreased by 2.5 million barrels last week and are about 10% above the five year average for this time of year. Total commercial petroleum inventories decreased last week by 0.9 million barrels last week. Total products supplied over the last four-week period averaged 20.6 million barrels per day, down by 2.9% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.1 million barrels per day, up by 0.5% from the same period last year. Distillate fuel product supplied averaged 4.0 million barrels per day over the past four weeks, down by 6.8% from the same period last year. Jet fuel product supplied was up 10.6% compared with the same four-week period last year. The West Texas Intermediate crude oil price was $60.11 per barrel on December 13, 2019, $.91 above last week’s price and $8.85 more than a year ago. The spot price for conventional gasoline in the New York Harbor was $1.702 per gallon, $0.015 more than last week’s price and $0.203 above a year ago. The spot price for No. 2 heating oil in the New York Harbor was $1.957 per gallon, $0.025 above last week’s price and $0.124 over a year ago. The national average retail regular gasoline price was $2.536 per gallon on December 16, 2019, $0.025 lower than last week’s price but $0.167 over a year ago. The national average retail diesel fuel price was $3.046 per gallon, $0.003 per gallon below last week’s level and $0.075 under a year ago.
