U.S. crude oil refinery inputs averaged 14.5 million barrels per day during the week ending February 9, 2024, which was 297 thousand barrels per day less than the previous week’s average. Refineries operated at 80.6% of their operable capacity last week. Gasoline production increased last week, averaging 9.2 million barrels per day. Distillate fuel production decreased last week, averaging 4.1 million barrels per day. U.S. crude oil imports averaged 6.5 million barrels per day last week, decreased by 437 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.1 ... (full story)

Oil prices extended gains overnight after API reported big product draws (which offset a large crude build) and on geopolitical concerns rising once more after Israel launched an extensive wave of attacks in Lebanon, Israel Defense Forces spokesperson Daniel Hagari said on social media Wednesday. Additionally, OPEC’s top official said Tuesday that global oil demand is set to expand strongly, while a monthly outlook from the group revealed limited compliance with the members’ latest round of supply cuts. “Oil has weathered the financial storm decisively, but copious upside potential might be too much of an ask,” said ... (full story)