Dept of Energy reports that:
- Crude oil inventories had a build of 1745K (consensus is a build of 1300K)
- Distillate inventories had a draw of 2601K (consensus is a draw of 1400K)
- Gasoline inventories had a draw of 4174K (consensus is a draw of 1500K)
- The change in refinery utilization was 1.4% (consensus is 0.00%)
Production
U.S. crude oil refinery inputs averaged nearly 14.2 million barrels per day during the week ending March 11, 239 thousand barrels per day above the previous week’s average. Refineries operated at 83.4 percent of their operable capacity last week. Gasoline production decreased last week, averaging 8.7 million barrels per day. Distillate fuel production decreased last week, averaging 4.1 million barrels per day.
Imports
U.S. crude oil imports averaged nearly 8.7 million barrels per day last week, up by 381 thousand barrels per day from the previous week. Over the last four weeks, crude oil imports have averaged about 8.3 million barrels per day, 536 thousand barrels per day below the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 648 thousand barrels per day. Distillate fuel imports averaged 161 thousand barrels per day last week.
Inventory:
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 1.7 million barrels from the previous week. At 350.6 million barrels, U.S. crude oil inventories are above the upper limit of the average range for this time of year. Total motor gasoline inventories decreased by 4.2 million barrels last week and are in the upper limit of the average range. Both finished gasoline inventories and blending components inventories decreased last week. Distillate fuel inventories decreased by 2.6 million barrels and are above the upper limit of the average range for this time of year. Propane/propylene inventories increased by 0.3 million barrels last week and are in the lower limit of the average range. Total commercial petroleum inventories decreased by 5.1 million barrels last week.
Demand:
Over the last four weeks, motor gasoline product supplied has averaged about 9.1 million barrels per day, up by 1.4 percent from the same period last year. Distillate fuel product supplied has averaged about 3.9 million barrels per day over the last four weeks, up by 3.8 percent from the same period last year
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