EIA Weekly Liquids Report

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U.S. crude oil refinery inputs averaged over 15.4 million barrels per day
during the week ending January 24, 2014, 201 thousand barrels per day
higher than the previous week’s average. Refineries operated at 88.2%
of their operable capacity last week. Gasoline production increased last
week, averaging 9.2 million barrels per day. Distillate fuel production
increased last week, averaging over 4.8 million barrels per day.

U.S. crude oil imports averaged over 8.0 million barrels per day last
week, up by 504 thousand barrels per day from the previous week. Over
the last four weeks, crude oil imports averaged over 7.6 million barrels
per day, 5.4% below the same four-week period last year. Total motor
gasoline imports (including both finished gasoline and gasoline blending
components) last week averaged 466 thousand barrels per day. Distillate
fuel imports averaged 317 thousand barrels per day last week.

U.S. commercial crude oil inventories (excluding those in the Strategic
Petroleum Reserve) increased by 6.4 million barrels from the previous
week. At 357.6 million barrels, U.S. crude oil inventories are in the
upper half of the average range for this time of year. Total motor
gasoline inventories decreased by 0.8 million barrels last week, but
are well above the upper limit of the average range. Finished gasoline
inventories increased while blending components inventories decreased
last week. Distillate fuel inventories decreased by 4.6 million barrels
last week and are well below the lower limit of the average range for
this time of year. Propane/propylene inventories fell 3.6 million barrels
last week and are well below the lower limit of the average range. Total
commercial petroleum inventories decreased by 3.8 million barrels last
week.

Total products supplied over the last four-week period averaged above
19.0 million barrels per day, up by 4.2% from the same period last year.
Over the last four weeks, motor gasoline product supplied averaged over
8.2 million barrels per day, down by 1.0% from the same period last
year. Distillate fuel product supplied averaged about 3.8 million barrels
per day over the last four weeks, up by 10.5% from the same period last
year. Jet fuel product supplied is up 6.8% compared to the same fourweek
period last year.

The WTI price was $96.66 per barrel on January 24, 2014, $2.70
over last week’s price and $1.51 above a year ago. The spot price for
conventional gasoline in the New York Harbor was $2.694 per gallon,
$0.042 more than last week’s price but $0.210 under a year ago. The
spot price for No. 2 heating oil in the New York Harbor was $3.200 per
gallon, $0.129 more than last week’s price and $0.125 over a year ago.
The national average retail regular gasoline price decreased to $3.295
per gallon on January 27, 2014, $0.001 per gallon less than last week
and $0.062 under a year ago. The national average retail diesel fuel price
increased to $3.904 per gallon, $0.031 per gallon above last week but
$0.023 under a year ago.