U.S. crude oil refinery inputs averaged 16.1 million barrels per day during the week ending June 18, 2021 which was 224,000 barrels per day less than the previous week’s average. Refineries operated at 92.2% of their operable capacity last week. Gasoline production increased last week, averaging 10.3 million barrels per day. Distillate fuel production increased last week, averaging 5.1 million barrels per day. U.S. crude oil imports averaged 6.9 million barrels per day last week, up by 197,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.5 million barrels per ... (full story)

Oil prices are up overnight, with WTI topping $74 (and Brent topping $75 - a fresh two year high), after a bigger than expected crude draw reported by API. Prices were also buoyed by reports that OPEC+ is considering raising production by 500k barrels a day (which is less than the widely expected 1mm b/d). In another supportive voice for oil prices, OPEC Secretary General Mohammad Barkindo said on Wednesday at the meeting of the organization’s economic think-tank, the Economic Commission Board (ECB), that “the latest market developments point to much better conditions and improved outlooks” of the oil market and ... (full story)