U.S. gross refinery inputs declined in 2019, and weekly gross inputs have fallen significantly so far in 2020
U.S. gross refinery inputs averaged 17.0 million barrels per day (b/d) in 2019, down from the record high of 17.3 million b/d set in 2018, but still the second-most on record (based on data going back to 1985). The drop in 2019 is the first time since 2009 that annual gross refinery inputs decreased from the previous year. The lower annual refinery runs in 2019 were the result of a sharp decrease in refinery runs during the February–March maintenance season and because of the Philadelphia Energy Solutions (PES) fire and refinery outage in June (Figure 1). More recently, weekly refinery gross inputs fell significantly the week ending March 27, 2020, as a result of the effects on petroleum product demand from the 2019 novel coronavirus disease (COVID-19). Gasoline crack spreads (the difference between wholesale prices and crude oil) have fallen sharply recently, reflecting weak demand. As the COVID-19 outbreak continues, gross refinery inputs and petroleum product demand remain highly uncertain.