U.S. crude oil refinery inputs averaged 16.4 million barrels per day during the week ending November 18, 2022 which was 258,000 barrels per day more than the previous week’s average. Refineries operated at 93.9% of their operable capacity last week. Gasoline production decreased last week, still averaging 9.2 million barrels per day. Distillate fuel production increased last week, still averaging 5.1 million barrels per day. U.S. crude oil imports averaged 7.1 million barrels per day last week, increased by 1.5 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about ... (full story)

Oil prices are tumbling this morning amid Europe's Russian Oil Price Cap scheme discussions about a price cap between $65 and $70 and rapidly spreading lockdowns across China impacting demand. “At current price levels, the plan seems ineffective,” PVM Oil Associates analysts Tamas Varga and Stephen Brennock said in a note, referring to the price cap. “It will be crucial to see the details of the proposed cap to evaluate the price impact.” Beijing asked residents not to leave the city unless necessary, to stem the spread of the virus. API • Crude -4.8mm (-2.20mm exp) • Cushing -1.40mm • Gasoline -400k • Distillates ... (full story)