U.S. crude oil refinery inputs averaged 17.0 million barrels per day during the week ending June 7, 2024, which was 98 thousand barrels per day less than the previous week’s average. Refineries operated at 95.0% of their operable capacity last week. Gasoline production increased last week, averaging 10.1 million barrels per day. Distillate fuel production decreased last week, averaging 5.0 million barrels per day. U.S. crude oil imports averaged 8.3 million barrels per day last week, increased by 1.2 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 7.2 million ... (full story)

Oil prices extended gains this morning following the cooler than expected CPI (supporting rate cuts and potential demand) following API's reported crude draw overnight. “This week’s big recovery has weakened the bears’ hold on the market, although more price action is needed to confirm a bottom,” said Fawad Razaqzada, a market analyst at City Index and Forex.com. “But it is possible we could see crude oil prices come under pressure again after the recent recovery. The lower highs suggest the short-term path of least resistance is still downward, until told otherwise by the charts.” Expectations were for a modest draw ... (full story)