U.S. crude oil refinery inputs averaged 15.7 million barrels per day during the week ending December 24, 2021 which was 115,000 barrels per day less than the previous week’s average. Refineries operated at 89.7% of their operable capacity last week. Gasoline production increased last week, averaging 10.1 million barrels per day. Distillate fuel production increased last week, averaging 4.9 million barrels per day. U.S. crude oil imports averaged 6.8 million barrels per day last week, increased by 0.6 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.5 million barrels per day, 13.7% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 432,000 barrels per day, and distillate fuel imports averaged 162,000 barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 3.6 million barrels from the previous week. At 420.0 million barrels, U.S. crude oil inventories are about 7% below the five year average for this time of year. Total motor gasoline inventories decreased by 1.5 million barrels last week and are about 6% below the five year average for this time of year. Finished gasoline and blending components inventories both decreased last week. Distillate fuel inventories decreased by 1.7 million barrels last week and are about 14% below the five year average for this time of year. Propane/propylene inventories decreased by 3.6 million barrels last week and are about 10% below the five year average for this time of year. Total commercial petroleum inventories decreased by 18.9 million barrels last week. Total products supplied over the last four-week period averaged 21.4 million barrels a day, up by 12.4% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.3 million barrels a day, up by 17.1% from the same period last year. Distillate fuel product supplied averaged 4.1 million barrels a day over the past four weeks, up by 7.8% from the same period last year. Jet fuel product supplied was up 20.6% compared with the same four-week period last year. The West Texas Intermediate crude oil price and the product spot prices were not available due to the market closure on Friday. The national average retail regular gasoline price decreased to $3.275 per gallon on December 27, 2021, $0.020 below last week’s price but $1.032 over a year ago. The national average retail diesel fuel price decreased to $3.615 per gallon, $0.011 per gallon less than last week but $0.980 higher than a year ago.
CRUDE OIL WEEKLY UPDATE (Week Ending 12-31-21)
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