The U.S. Energy Information Administration reported in its "Weekly Petroleum Status Report" that gasoline production climbed in the week ended Jan. 11 despite falling crude oil inputs into the nation's refineries.
Total U.S. crude oil inputs declined 2% on the week to 17.2 million barrels per day, but the trailing four-week average was well above that seen during the previous five years. The EIA pegged U.S. refinery utilization at 94.6%, up from the year-ago level of 93% and the five-year average level of 83.3%, with PADD 2 seeing the highest utilization rates.
Finished motor gasoline production climbed 7.9% from the prior week to bring the trailing four-week average to 9.8 MMbbl/d, up 1.8% from the year-ago level and up 4.9% versus the five-year average.
Distillate production slid 2.7% on the week, bringing the trailing four-week average to 5.5 MMbbl/d, up 2.6% year over year and up 9.1% versus the five-year average.
U.S. crude oil inventories excluding the strategic petroleum reserve fell 2.7 MMbbl from the week prior to 437.1 MMbbl, while total gasoline inventories climbed 7.5 MMbbl to 255.6 MMbbl. Distillate inventories climbed 3.0 MMbbl to 143.0 MMbbl.