Oil dipped around 1 percent on Wednesday, with U.S. crude breaking below the $40-a-barrel support.
The U.S. Energy Information Administration said U.S. crude oil refinery inputs averaged 16.1 million barrels per day during the week ending November 13, 2015, 137,000 barrels per day more than the previous week’s average. Refineries operated at 90.3% of their operable capacity last week. Gasoline production decreased last week, averaging about 9.6 million barrels per day. Distillate fuel production increased last week, averaging over 5.0 million barrels per day.
U.S. crude oil imports averaged about 7.0 million barrels per day last week, down by 409,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged 7.1 million barrels per day, 0.1% above the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 389,000 barrels per day. Distillate fuel imports averaged 158,000 barrels per day last week.
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 0.3 million barrels from the previous week. At 487.3 million barrels, U.S. crude oil inventories remain near levels not seen for this time of year in at least the last 80 years. Total motor gasoline inventories increased by 1.0 million barrels last week, and are well above the upper limit of the average range. Finished gasoline inventories increased while blending components inventories remained unchanged last week.
Distillate fuel inventories decreased by 0.8 million barrels last week but are in the middle of the average range for this time of year. Propane/propylene inventories rose 0.5 million barrels last week and are well above the upper limit of the average range. Total commercial petroleum inventories increased by 0.2 million barrels last week.
U.S. crude's West Texas Intermediate (WTI) futures were down 54 cents at $40.13 before noon EST after hitting a session low of $39.41. The last time WTI had traded below $40 was on Aug. 27.
