US crude oil inventories for the week ended Feb. 25, excluding the Strategic Petroleum Reserve, decreased by 2.6 million bbl from the previous week, according to data from the US Energy Information Administration.
International Energy Agency member countries agreed Mar. 1 to release 60 million bbl of oil from their emergency reserves “to send a unified and strong message to global oil markets that there will be no shortfall in supplies as a result of Russia’s invasion of Ukraine,” IEA said. The US will account for around 30 million bbl.
At 413.4 million bbl, US crude oil inventories are 12% below the 5-year average for this time of year, the EIA report indicated.
EIA said total motor gasoline inventories decreased by 500,000 bbl from last week and are about 1% below the 5-year range for this time of year. Finished gasoline inventories increased while blending component inventories decreased last week. Distillate fuel inventories decreased by 600,000 bbl last week and are 16% below the 5-year average for this time of year.
Propane-propylene inventories decreased by 800,000 bbl and are about 20% below the 5-year average for this time of year, EIA said.
US refinery inputs averaged 15.4 million b/d for the week ended Feb. 25, about 153,000 b/d more than the previous week’s average. Refineries operated at 87.7% of capacity.
Gasoline production increased, averaging 9.3 million b/d. Distillate fuel production increased, averaging 4.7 million b/d.
US crude oil imports averaged 5.8 million b/d, down 1.1 million b/d from the previous week. Over the last 4 weeks, crude oil imports averaged 6.2 million b/d, 9.4% more than the same period last year. Total motor gasoline imports averaged 603,000 b/d. Distillate fuel imports averaged 403,000 b/d.
