U.S. crude oil refinery inputs averaged 14.0 million barrels per day during the week ending December 18, 2020 which was 169,000 barrels per day less than the previous week’s average. Refineries operated at 78.0% of their operable capacity last week. Gasoline production increased last week, averaging 8.8 million barrels per day. Distillate fuel production decreased last week, averaging 4.6 million barrels per day. U.S. crude oil imports averaged 5.6 million barrels per day last week, up by 140,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 5.7 million barrels per ... (full story)

Oil prices rebounded dramatically overnight after API reported a surprise build and Trump's rejection of the COVID Lockdown Relief Bill sent WTI down to almost a $45 handle before a weaker dollar and an odd equity bid lifted commodites broadly. “Jitters surrounding the new strain of the virus remain front and center,” said Stephen Brennock, an analyst at PVM Oil Associates Ltd. “The specter of fresh restrictions now hangs over Europe together with the prospect of a drawn-out recovery.” For now, all eyes will be on crude stocks as lockdowns spread across the states... Analysts expected a second weekly draw after ... (full story)