Oil Inventories: Previous 1.745M , Market Expects 1.500M, Actual Build of 2.131M

Dept of Energy reports that:

• Crude oil inventories had a build of 2131K (consensus is a build of 1500K)
• Distillate inventories had a build of 7K (consensus is a draw of 1500K)
• Gasoline inventories had a draw of 5320K (consensus is a draw of 2000K)
• The change in refinery utilization was 0.70% (consensus is 0.40%)

Production: U.S. crude oil refinery inputs averaged 14.3 mln bpd during the week ending March 18, 167 thousand bpd above the previous week’s average. Refineries operated at 84.1 percent of their operable capacity last week. Gasoline production increased last week, averaging 9.0 mln bpd. Distillate fuel production increased last week, averaging 4.3 mln bpd.

Imports: U.S. crude oil imports averaged nearly 9.0 mln bpd last week, up by 306 thousand bpd from the previous week. Over the last four weeks, crude oil imports have averaged nearly 8.5 mln bpd, 393 thousand bpd below the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 695 thousand bpd. Distillate fuel imports averaged 192 thousand bpd last week.

Inventory: U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 2.1 mln barrels from the previous week. At 352.8 mln 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 5.3 mln 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 remained unchanged and are above the upper limit of the average range for this time of year. Propane/propylene inventories decreased by 0.4 mln barrels last week and are in the lower limit of the average range. Total commercial petroleum inventories decreased by 0.9 mln barrels last week.

Demand: Over the last four weeks, motor gasoline product supplied has averaged about 9.1 mln bpd, up by 1.2 percent from the same period last year. Distillate fuel product supplied has averaged nearly 3.9 mln bpd over the last four weeks, up by 3.6 percent from the same period last year.