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At Extreme Investor Network, we provide you with the latest insights and analysis on the Stock Market, trading, and much more. Today, we will be discussing the latest data on Crude Oil Refinery Inputs, Crude Oil and Product Imports, Products Supplied, and the Market Forecast.
Crude Oil Refinery Inputs
According to the latest data, U.S. crude oil refinery inputs averaged 16.5 million barrels per day for the week ending June 21, 2024. This marks a decrease of 234,000 barrels per day compared to the previous week, with refineries operating at 92.2% of their capacity. Gasoline production saw a decline, while distillate fuel production rose.
Crude Oil and Product Imports
The United States imported an average of 6.6 million barrels of crude oil per day last week, reflecting a reduction from the previous week. However, over the past four weeks, crude oil imports have increased compared to the same period last year. Motor gasoline imports and distillate fuel imports also saw interesting trends.
Products Supplied
Total products supplied over the last four weeks averaged 20.4 million barrels per day, showing a slight increase from the same period last year. Motor gasoline and distillate fuel product supplied both saw changes compared to last year, with jet fuel product supplied remaining relatively stable.
Market Forecast
Based on the data, the crude oil market outlook appears mixed. Factors such as inventory builds, refinery inputs, and product supply metrics all play a role in shaping market sentiment. Despite potential downward pressure on crude prices, the rise in distillate fuel production offers some bullish counterpoints. Overall, the market sentiment leans cautiously bearish, with inventory builds and reduced demand likely impacting prices in the near term.
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