U.S. crude oil refinery inputs averaged 16.6 million barrels per day during the week ending June 9, 2023, which was 60 thousand barrels per day less than the previous week’s average. Refineries operated at 93.7% of their operable capacity last week. Gasoline production increased last week, averaging 10.2 million barrels per day. Distillate fuel production decreased last week, averaging 5.0 million barrels per day. U.S. crude oil imports averaged 6.4 million barrels per day last week, decreased by 19 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.5 million ... (full story)

Oil prices are modestly higher this morning ahead of The Fed's decision after the International Energy Agency said it expects record demand growth this year, while predicting the clean-energy transition will begin to cut demand growth through 2028. "World oil demand will grow by 2.4 mb/d in 2023 to 102.3 mb/d, a new record. China's rebound continues unabated, with its oil demand reaching an all-time high of 16.3 mb/d in April. The non-OECD accounts for 90% of gains this year, as OECD demand remains lacklustre amid the current manufacturing slump," the agency said. Additionally, China’s new crude import quotas ... (full story)