U.S. crude oil refinery inputs averaged 15.4 million barrels per day during the week ending October 13, 2023, which was 192 thousand barrels per day more than the previous week’s average. Refineries operated at 86.1% of their operable capacity last week. Gasoline production increased last week, averaging 9.8 million barrels per day. Distillate fuel production decreased last week, averaging 4.7 million barrels per day. U.S. crude oil imports averaged 5.9 million barrels per day last week, decreased by 387 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.4 ... (full story)

Oil prices are higher from yesterday's close but well off their overnight highs this morning after the hospital attack and strong Chinese data sent crude soaring and then prices started to sink back as it appeared Israel's version of events was being supported by the US (though we would suggest not many arab states). Last night's API report also provided support for crude prices with across-the-board inventory draws. API • Crude -4.38mm (+400k exp) • Cushing -1.00mm • Gasoline -1.58mm (-600k exp) • Distillates -612k (-1.2mm exp) • DOE • Crude -4.49mm (+400k exp) • Cushing -758k • Gasoline -2.37mm (-600k exp) • ... (full story)