EIA: US crude oil inventories up 2.4 million bbl

US crude oil inventories, excluding the Strategic Petroleum Reserve, increased by 2.4 million bbl for the week ended Mar. 2 vs. the previous week, the US Energy Information Administration said.

US crude oil inventories, excluding the Strategic Petroleum Reserve, increased by 2.4 million bbl for the week ended Mar. 2 vs. the previous week, the US Energy Information Administration said.

The latest estimate is 425.9 million bbl, putting oil in storage in the lower half of the average range for this time of year, EIA said.

The report also said total motor gasoline inventories decreased 800,000 bbl and are in the upper half of the average range. Finished gasoline inventories decreased last week. Blended components inventories remained unchanged. Distillate fuel inventories decreased 600,000 bbl last week and are in the middle 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 1.6 million bbl last week, EIA said.

US refinery inputs averaged 15.9 million b/d for the week ended Mar. 2, about 53,000 b/d higher than the previous week’s average. Refineries operated at 88% 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 8 million b/d, up 721,000 b/d from the previous week. Over the last 4 weeks, crude oil imports averaged 7.5 million b/d, 4.2% less than the same period last year. Total motor gasoline imports averaged 608,000 b/d. Distillate fuel imports averaged 265,000 b/d.

More in Economics & Markets