U.S. Refinery Activity Dips, but Crude Oil Inventories Rise
07.03.2024 By Tank Terminals - NEWS

July 03, 2024 [Nasdaq]- U.S. crude oil refinery inputs decreased slightly last week, according to the latest weekly report from the Energy Information Administration (EIA). Refinery operations, while still robust, showed a dip in activity, with a 234,000 barrel per day decline in inputs compared to the previous week. Despite this decrease, refineries operated at 92.2% of their operable capacity last week.


The report also highlighted a slight decrease in gasoline production, averaging 9.9 million barrels per day last week, while distillate fuel production saw an increase, averaging 4.9 million barrels per day.

U.S. crude oil imports decreased by 443,000 barrels per day compared to the previous week, but remained elevated over the past four weeks, averaging 13.7% higher than the same period last year. This increase in imports suggests strong demand for crude oil despite the slight decline in refinery activity.

Inventory Levels: Crude Oil Up, Distillate Fuel Down

U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, increased by 3.6 million barrels last week, reaching 460.7 million barrels. While this represents a 2% decrease from the five-year average for this time of year, the increase in crude oil inventories suggests a potential shift in supply and demand dynamics.

Meanwhile, distillate fuel inventories decreased by 0.4 million barrels last week, falling 9% below the five-year average for this time of year. This decrease could indicate strong demand for distillate fuels, which are used for heating and transportation purposes.

Gasoline Prices Rise Slightly, but Remain Below Year-Ago Levels

The national average retail price for regular gasoline rose by a mere $0.003 to $3.438 per gallon, marking a slight increase from last week. However, this price is still $0.133 lower than the year-ago price, highlighting the overall downward trend in gasoline prices.

The national average retail diesel fuel price rose by $0.034 to $3.769 per gallon, but also remains $0.032 lower than the price one year ago.


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