Weekly US crude oil refinery demand
According to the EIA, US crude oil refinery demand rose by 111,000 bpd (barrels per day) to 17.1 MMbpd (million barrels per day) on December 8–15, 2017. Refinery demand rose 0.7% week-over-week and by 405,000 bpd or 2.4% YoY (year-over-year).
US crude oil refinery demand peak and low
US crude oil refinery demand hit to 17.7 MMbpd for the week ending August 25, 2017—the highest level ever. US crude oil refinery demand hit to 10.6 MMbpd for the week ending January 1, 1984—the lowest level since 1982.
Oil prices and refiners
US crude oil (UWT) prices are at a 30-month high. Higher oil (DWT) prices have a negative impact on US refiners like PBF Energy (PBF) and Valero Energy (VLO). In contrast, higher oil prices benefit oil producers (IEZ) (XOP) like Contango Oil & Gas (MCF), Stone Energy (SGY), and BP (BP).