U.S. crude oil refinery inputs averaged 15.4 million barrels per day during the week ending October 21, 2022 which was 114,000 barrels per day less than the previous week’s average. Refineries operated at 88.9% of their operable capacity last week. Gasoline production increased last week, averaging 9.4 million barrels per day. Distillate fuel production decreased last week, averaging 5.0 million barrels per day. U.S. crude oil imports averaged 6.2 million barrels per day last week, increased by 0.3 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.0 million ... (full story)

Oil prices are rallying this morning as the dollar continued to weaken (to 3-week lows), shrugging off any worries about the surprise crude build API reported last night. “Crude oil remains rangebound,” said Ole Hansen, head of commodities strategy at Saxo Bank A/S. “Short-term direction is being provided by the movements in the dollar and focus on today’s weekly US stock report.” Meanwhile the Biden-MbS cagematch continues as the Biden administration has released millions of barrels of crude from the nation’s strategic reserves to help rein in crude and gasoline prices; while on Tuesday, Saudi Arabia’s energy ... (full story)