With the glut in crude supplies, the amount of crude run through U.S. refineries in a 24-hour day (or “inputs”) is at record levels. The U.S. has the largest oil-refining capacity in the world at 18.6 million barrels per day. And that capacity is at 95% utilization as of August 2017.
Refined inventories, products shipped, and exports are also all running at or above the last five-year average. The inventory levels reflect the glut in available crude. The product shipped and exports reflect oil demand. (Chart on following page.)
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