Crude Oil Summary (EIA):
U.S. crude oil refinery inputs averaged 16.2 million barrels per day during the week ending December 1, 2023, which was 179 thousand barrels per day more than the previous week’s average. Refineries operated at 90.5% of their operable capacity last week. Gasoline production increased last week, averaging 9.5 million barrels per day. Distillate fuel production increased last week, averaging 5.1 million barrels per day. U.S. crude oil imports averaged 7.5 million barrels per day last week, increased by 1.7 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.6 million barrels per day, 6.4% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 689 thousand barrels per day, and distillate fuel imports averaged 82 thousand barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 4.6 million barrels from the previous week. At 445.0 million barrels, U.S. crude oil inventories are about 1% below the five year average for this time of year. Total motor gasoline inventories increased by 5.4 million barrels from last week and are about 1% 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 1.3 million barrels last week and are about 13% below the five year average for this time of year. Propane/propylene inventories decreased by 1.8 million barrels from last week and are 18% above the five year average for this time of year. Total commercial petroleum inventories decreased by 1.7 million barrels last week. Total products supplied over the last four-week period averaged 19.7 million barrels a day, down by 2.1% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.5 million barrels a day, up by 1.1% from the same period last year. Distillate fuel product supplied averaged 3.7 million barrels a day over the past four weeks, up by 0.5% from the same period last year. Jet fuel product supplied was up 1.8% compared with the same four-week period last year. The West Texas Intermediate crude oil price dropped to $73.70 per barrel on December 1, 2023, $1.13 less than last week’s price, and $6.16 lower than last year’s price. The New York Harbor conventional gasoline spot price fell $0.115 to $2.226 per gallon, $0.305 less than the year-ago price. The spot price for No. 2 heating oil at New York Harbor decreased $0.190 to $2.633 per gallon, marking a $0.362 difference from last year. The national average retail price for regular gasoline declined to $3.231 per gallon on December 4, 2023, $0.007 less than last week’s price, and $0.152 below last year’s price. The national average retail diesel fuel price fell $0.054 to $4.092 per gallon, $0.875 less than last year’s price.
