U.S. crude oil refinery inputs averaged 16.1 million barrels per day during the week ending July 2, 2021 which was 184,000 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 10.6 million barrels per day. Distillate fuel production decreased last week, averaging 5.0 million barrels per day. U.S. crude oil imports averaged 5.9 million barrels per day last week, decreased by 0.5 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.5 million ... (full story)

Oil prices are down for the 3rd straight day as 'Delta'-variant (demand) fears combine with OPEC+ cartel collapse fears as the Saudis and UAE continue their game of chicken (and see prices fall in the face of their hopes). “There’s a little bit of risk off in the market today,” said Phil Flynn, senior market analyst at Price Futures Group. “Obviously, the standoff between the UAE and OPEC continues, and we don’t know whether that’s going to be bullish or bearish,” he said. After API's report, expectations remain for a seventh straight weekly draw in crude stocks, so all eyes will be on any cracks in the recovery ... (full story)