U.S. crude oil refinery inputs averaged 16.1 million barrels per day during the week ending July 9, 2021 which was 22,000 barrels per day less than the previous week’s average. Refineries operated at 91.8% of their operable capacity last week. Gasoline production decreased last week, averaging 9.9 million barrels per day. Distillate fuel production decreased last week, averaging 4.9 million barrels per day. U.S. crude oil imports averaged 6.2 million barrels per day last week, up by 347,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.4 million barrels per day, ... (full story)

Firstly, we note that, for the first time that we can recall, the official data was delayed due to a delay in uploading data. This is highly unusual for a report that is so fundamental to oil market transparency. After tagging 33-month highs yesterday, oil prices have been chaotic overnight as API inventory data mixed with reports and denials from UAE/OPEC+ over a deal have left WTI lower so far. However, even if a deal is done, timing will remain an issue. “Even if OPEC decides to raise output in August, that crude will not reach refineries until after the August peak-demand period will be over,” Ed Morse, head of ... (full story)