U.S. crude oil refinery inputs averaged 16.7 million barrels per day during the week ending August 11, 2023, which was 166 thousand barrels per day more than the previous week’s average. Refineries operated at 94.7% of their operable capacity last week. Gasoline production decreased last week, averaging 9.6 million barrels per day. Distillate fuel production decreased last week, averaging 4.7 million barrels per day. U.S. crude oil imports averaged 7.2 million barrels per day last week, increased by 476 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.7 ... (full story)

Oil prices are modestly lower this morning, having given up overnight gains amid weakish US data which followed dismal China data. "We continue to believe oil demand headwinds will outweigh supply cuts in the near term," warned Bloomberg's Joseph Richter API • Crude -6.195mm (-1.7mm exp) • Cushing -1.00mm • Gasoline +700k (-1.2mm exp) • Distillates -800k (-100k exp) DOE • Crude -5.96mm (-1.7mm exp) • Cushing -837k • Gasoline -262k (-1.2mm exp) • Distillates +296k (-100k exp) The official DOE data confirmed API's reporting of a major Crude inventory draw last week (down around 6mm barrels - notably more than expected). ... (full story)