U.S. crude oil refinery inputs averaged 14.9 million barrels per day during the week ending January 13, 2023 which was 203 thousand barrels per day more than the previous week’s average. Refineries operated at 85.3% of their operable capacity last week. Gasoline production increased last week, averaging 8.9 million barrels per day. Distillate fuel production increased last week, averaging 4.6 million barrels per day. U.S. crude oil imports averaged 6.9 million barrels per day last week, increased by 511,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.3 million ... (full story)

Oil prices are rebounding this morning, after yesterday's growth-scare-driven tumble as investors wagered China’s demand revival would sustain the market even amid signs of rising US crude inventories (reported by API overnight). “The reopening is proceeding sooner (by one quarter) and more rapidly than we originally expected,” JPMorgan analysts, including Natasha Kaneva, wrote in a note to clients. “This opens a possibility that China is poised for a strong economic recovery that will gather steam in February, after the end of the Lunar New Year holiday.” Will API prove to be right or is this 'noise' hanging over ... (full story)