U.S. crude oil refinery inputs averaged 13.9 million barrels per day during the week ending March 5, 149 thousand barrels per day below the previous week’s average. Refineries operated at 80.7 percent of their operable capacity last week. Gasoline production decreased last week, averaging 8.8 million barrels per day. Distillate fuel production decreased last week, averaging 3.7 million barrels per day.

U.S. crude oil imports averaged 8.5 million barrels per day last week, down 744 thousand barrels per day from the previous week. Over the last four weeks, crude oil imports have averaged 8.8 million barrels
per day, 367 thousand barrels per day below the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 806 thousand barrels per day. Distillate fuel imports averaged 130 thousand barrels per day last week.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 1.4 million barrels from the previous week. At 343.0 million barrels, U.S. crude oil inventories are above the upper limit of the average range for this time of year. Total motor gasoline inventories decreased by 2.9 million barrels last week, and are above the upper limit of the average range. Both finished gasoline inventories and blending components inventories decreased last week. Distillate fuel inventories decreased by 2.2 million barrels, and are above the upper boundary of the average range for this time of year. Propane/propylene inventories decreased by 1.5 million barrels last week and are below the lower limit of the average range. Total commercial petroleum inventories decreased by 5.3 million barrels last week, and are above the upper limit of the average range for this time of year.

Total products supplied over the last four-week period has averaged 19.4 million barrels per day, up by 3.8 percent compared to the similar period last year. Over the last four weeks, motor gasoline demand has averaged 8.9 million barrels per day, up by 0.5 percent from the same period last year. Distillate fuel demand has averaged 3.7 million barrels per day over the last four weeks, down by 4.1 percent from the same period last year. Jet fuel demand is 6.3 percent lower over the last four weeks compared to the same four-week period last year.

The average world crude oil price on March 5, 2010 was $76.45 per barrel, $0.47 more than last week’s price and $33.60 above a year ago. WTI was $81.50 per barrel on March 5, 2010, $1.78 more than last week’s price and $36.07 above a year ago. The spot price for conventional gasoline in the New York Harbor was 218.35 cents per gallon, 18.81 cents more than last week’s price and 94.60 cents above last year. The spot price for No. 2 heating oil in the New York Harbor was 209.48 cents per gallon, 7.50 cents more than last week’s price and 87.88 cents above a year ago.

The national average retail regular gasoline price increased for the third week in a row to 275.1 cents per gallon on March 8, 2010, 4.9 cents per gallon more than last week and 81.0 cents above a year ago. The national average retail diesel fuel price increased for the third week in a row to 290.4 cents per gallon, 4.3 cents per gallon more than last week and 85.9 cents above a year ago.

Source: Source: Energy Information Administration