EIA: US crude oil down 2.6 million bbl

After weeks of increases, US crude oil inventories, excluding the Strategic Petroleum Reserve, decreased by 2.6 million bbl for the week ended Mar. 16 vs. the previous week, the US Energy Information Administration said.

After weeks of increases, US crude oil inventories, excluding the Strategic Petroleum Reserve, decreased by 2.6 million bbl for the week ended Mar. 16 vs. the previous week, the US Energy Information Administration said.

The latest estimate is 428.3 million bbl, putting oil in storage in the lower half of the average range for this time of year, EIA said.

The report said total motor gasoline inventories decreased by 1.7 million bbl and are near the upper limit of the average range. Finished gasoline inventories increased while blending components inventories increased last week. Distillate fuel inventories decreased by 2 million bbl last week and are in the lower half of the average range for this time of year.

Propane-propylene inventories are again in the lower half of the average range with a decrease of 2.1 million bbl last week, EIA said.

US refinery inputs averaged 16.8 million b/d for the week ended Mar. 16, about 410,000 b/d higher than the previous week’s average. Refineries operated at 91.7% of capacity.

Gasoline production decreased, averaging 9.9 million b/d. Distillate fuel production increased, averaging 4.5 million b/d.

US crude oil imports averaged 7.1 million b/d, down 508,000 b/d from the previous week. Over the last 4 weeks, crude oil imports averaged 7.5 million b/d, 4.8% less than the same period last year. Total motor gasoline imports averaged 564,000 b/d. Distillate fuel imports averaged 122,000 b/d.

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