U.S. crude oil refinery inputs averaged 15.0 million barrels per day during the week ending October 15, 2021 which was 71,000 barrels per day less than the previous week’s average. Refineries operated at 84.7% of their operable capacity last week. Gasoline production increased last week, averaging 10.1 million barrels per day. Distillate fuel production decreased last week, averaging 4.4 million barrels per day. U.S. crude oil imports averaged 5.8 million barrels per day last week, down by 169,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.4 million barrels ... (full story)

Oil prices are lower this morning after API reported a bigger than expected crude build (admittedly offset by considerable draws at Cushing and in products) and China reportedly readies itself to unleash measures aimed at stabilizing its power supplies for the winter. “The heating season is approaching and the price is still showing a further irrational upward trend,” Reuters quoted the commission as saying. A Chinese intervention to bring coal prices down could “reverse the fuel switch to oil,” analysts at Commerzbank told Reuters. “Crude price volatility is here to stay as demand uncertainty remains elevated over ... (full story)