U.S. crude oil refinery inputs averaged 16.5 million barrels per day during the week ending December 15, 2023, which was 403 thousand barrels per day more than the previous week’s average. Refineries operated at 92.4% of their operable capacity last week. Gasoline production increased last week, averaging 10.0 million barrels per day. Distillate fuel production decreased last week, averaging 4.9 million barrels per day. U.S. crude oil imports averaged 6.8 million barrels per day last week, increased by 233 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.7 ... (full story)

Oil prices were higher again this morning (3rd day in a row, at two week highs) as traders and shippers braced for the prospect of more disruptions in the Red Sea. The escalated geopolitical risks have introduced a premium to an oil market plagued by skepticism that OPEC+ will adhere to production cuts and concerns that supplies from outside the cartel are increasing, especially from the US. Some of that concern has been tempered by wagers that global central banks will embark on a rate-cutting cycle next year as inflation slows. But the inventory/production data will be the driver of the next leg one way or another. ... (full story)