US crude oil inventories for the week ended Mar. 8, excluding the Strategic Petroleum Reserve, decreased by 1.5 million bbl from the previous week, according to data from the US Energy Information Administration.
At 447.0 million bbl, US crude oil inventories are about 3% below the 5-year average for this time of year, the EIA report indicated.
EIA said total motor gasoline inventories decreased by 5.7 million bbl from last week and are about 3% below the 5-year average for this time of year. Both finished gasoline and blending components inventories decreased last week. Distillate fuel inventories increased by 900,000 bbl and are about 7% below the 5-year average for this time of year.
Propane-propylene inventories increased by 700,000 bbl from last week and are 8% above the 5-year average for this time of year, EIA said.
US crude oil refinery inputs averaged 15.7 million b/d for the week ended Mar. 8, about 390,000 b/d more than the previous week’s average. Refineries operated at 86.8% of capacity.
Gasoline production increased, averaging 9.9 million b/d. Distillate fuel production increased, averaging 4.6 million b/d.
US crude oil imports averaged 5.5 million b/d, down 1.7 million b/d from the previous week. Over the last 4 weeks, crude oil imports averaged 6.4 million b/d, 2.9% more than the same 4-week period last year. Total motor gasoline imports averaged 634,000 b/d. Distillate fuel imports averaged 171,000 b/d.