U.S. crude oil refinery inputs averaged 16.0 million barrels per day during the week ending July 16, 2021 which was 87,000 barrels per day less than the previous week’s average. Refineries operated at 91.4% of their operable capacity last week. Gasoline production decreased last week, averaging 9.1 million barrels per day. Distillate fuel production decreased last week, averaging 4.9 million barrels per day. U.S. crude oil imports averaged 7.1 million barrels per day last week, increased by 0.9 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.4 million ... (full story)

After the initial tumble last night - after API reported an unexpected build in crude inventories (and big build in gasoline stocks) - oil prices have surged higher overnight and across the US equity market open as all those Monday fears appear to be evaporating once again. “Risk-on is the main driver,” said Giovanni Staunovo, an analyst at UBS Group AG in Zurich. “I still believe oil fundamentals themselves are supportive, but the last 72 hours were primarily driven by shifts in investors’ attitude to risk.” Maybe this morning's official data will reignote some sense of fundamentals in the energy complex... however ... (full story)