U.S. crude oil refinery inputs averaged 15.9 million barrels per day during the week ending June 4, 2021 which was 327,000 barrels per day more than the previous week’s average. Refineries operated at 91.3% of their operable capacity last week. Gasoline production decreased last week, averaging 9.4 million barrels per day. Distillate fuel production increased last week, averaging 4.9 million barrels per day. U.S. crude oil imports averaged 6.6 million barrels per day last week, increased by 1.0 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.2 million ... (full story)

Oil prices are holding yesterday's gains this morning after US Secretary of State said that Iran will remain under significant sanctions, lowering traders' odds of a sudden rush of supply back into the markets, although we note that Libya’s oil output is picking up again after a pipeline leak that caused a brief reduction was fixed. "The widespread faith that oil demand growth will trend significantly higher in the second half of the year is paving the way forward for the price rally," PVM analysts said. For now, the next leg may depend on if US production can remain disciplined as stocks of crude continue to slide. ... (full story)