U.S. crude oil refinery inputs averaged 16.1 million barrels per day during the week ending December 8, 2023, which was 104 thousand barrels per day less than the previous week’s average. Refineries operated at 90.2% of their operable capacity last week. Gasoline production increased last week, averaging 9.5 million barrels per day. Distillate fuel production decreased last week, averaging 5.0 million barrels per day. U.S. crude oil imports averaged 6.5 million barrels per day last week, decreased by 1.0 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.6 ... (full story)

Oil prices are rebounding modestly today after yesterday's puke (though WTI is still on pace for its longest weekly losing streak since 2018), as OPEC forecast a significant shortfall in global oil supplies next quarter. It even raised forecasts for the crude needed from OPEC this quarter by 190,000 barrels a day, amid a weaker outlook for production from its rivals. "Speculators played a major role in this trend, cutting their bullish positions sharply while increasing short positions. The market dynamic was fueled by exaggerated concerns about oil demand growth, which negatively impacted market ... (full story)