U.S. crude oil refinery inputs averaged 16.0 million barrels per day during the week ending May 12, 2023, which was 245 thousand barrels per day more than the previous week’s average. Refineries operated at 92.0% of their operable capacity last week. Gasoline production decreased last week, averaging 9.5 million barrels per day. Distillate fuel production increased last week, averaging 4.9 million barrels per day. U.S. crude oil imports averaged 6.9 million barrels per day last week, increased by 1,306,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.3 million ... (full story)

Oil prices have whipped around overnight since API reported a big crude build (and Cushing stocks soaring) as hopes for debt ceiling deal trumped the latest (weak) China demand signals. The International Energy Agency on Tuesday said it expects demand to outstrip supply by more than two-million barrels per day in the second half of 2023. The prediction is being widely ignored by the market as it remains focused on a potential US debt default as debt-ceiling negotiations continue, while slowing OECD economies amid rising interest rates raise recession worries. API • Crude +3.69mm (-800k exp) • Cushing +2.87mm - ... (full story)