U.S. crude oil refinery inputs averaged 15.9 million barrels per day during the week ending April 19, 2024, which was 42 thousand barrels per day less than the previous week’s average. Refineries operated at 88.5% of their operable capacity last week. Gasoline production decreased last week, averaging 9.1 million barrels per day. Distillate fuel production increased last week, averaging 4.8 million barrels per day. U.S. crude oil imports averaged 6.5 million barrels per day last week, increased by 36 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.5 ... (full story)

Oil prices are drifting lower this morning, despite API reporting a surprise crude inventory draw last night, as hopes that geopolitical tensions are easing (hope is not a strategy) combined with a reduced expectation of economy-juicing rate-cuts are weighing on crude prices. Supporting the upside, the US Senate, meanwhile, passed tougher measures against Iran in response to its attack on Israel earlier this month, with President Joe Biden saying he’ll sign the legislation into law. But the market is clearly calling Biden's bluff on this threat as he faces soaring pump prices domestically which will do nothing to ... (full story)