U.S. crude oil refinery inputs averaged 14.7 million barrels per day during the week ending January 6, 2023 which was 831 thousand barrels per day more than the previous week’s average. Refineries operated at 84.1% of their operable capacity last week. Gasoline production slightly increased last week, still averaging 8.5 million barrels per day. Distillate fuel production increased last week, averaging 4.5 million barrels per day. U.S. crude oil imports averaged 6.4 million barrels per day last week, increased by 637,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged ... (full story)

Oil prices rallied overnight despite a huge crude inventory build reported by API, with traders shrugging it off as likely driven by the impact of the nationwide 'deep freeze' and refinery shut-ins distorting the data. Additional optimism over China’s demand outlook (after the government issued a bumper batch of import quotas, spurring hopes of improved crude consumption) offset the optics of the crude build. “The perceived demand pull that’s expected from China is superseding the rise in crude inventories from the API,” said Dennis Kissler, senior vice president at Bok Financial Securities. Will the official data ... (full story)