US commercial crude oil inventories dropped by 2.1 million barrels from the prior week.
- At 417.9M barrels, the US crude oil stockpiles are nearly 8% below the five-year average for this time of year.
- Total motor gasoline inventories expanded by 10.1 million barrels last week and are nearly 4% below the five-year average for this period of the year.
- U.S. crude oil refinery inputs hovered around 15.9 million barrels per day during the week ending December 31, 2021, which was 163,000 barrels per day, more than the prior week’s average.
- Refineries operated at 89.8% capacity last week. Gasoline production dropped, hovering around 8.5 million barrels per day.
US crude oil imports were around 5.9 million barrels per day last week, falling by 0.9M barrels per day from the prior week.
CL1! Up +1.27%, USOIL up +1.19%