U.S. crude oil refinery inputs averaged 15.7 million barrels per day during the week ending May 6, 2022 which was 230,000 barrels per day more than the previous week’s average. Refineries operated at 90.0% of their operable capacity last week. Gasoline production increased last week, averaging 9.7 million barrels per day. Distillate fuel production increased last week, averaging 4.9 million barrels per day. U.S. crude oil imports averaged 6.3 million barrels per day last week, down by 62,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.1 million barrels per day, ... (full story)

Oil prices are surging this morning, after COVID infections in Shanghai and Beijing dropped on Tuesday, providing some cautious optimism of improvement after lockdowns sparked growth scares... but that also comes as IIF tweets about global recessions and US inflation prints hotter than expected, prompting fears of a more aggressive Fed stomping on growth. The oil market hasn’t been “consistent at all as of late, which has turned many away from trading the commodity,” said Rebecca Babin, senior energy trader at CIBC Private Wealth Management. “Trading crude right now is like trying to figure out the mood swings of a ... (full story)