Wedoany.com Report-Mar 31, U.S. commercial crude oil inventories, excluding those in the SPR, decreased by 3.3 million barrels from the week ending March 14 to the week ending March 21, according to the latest EIA report. This marks a notable decline, with inventories now standing at 433.6 million barrels on March 21, compared to 437.0 million barrels the prior week.
Crude oil stocks, not including the SPR, stood at 433.6 million barrels on March 21, according to the EIA's latest weekly petroleum status report.
Total petroleum inventories, including crude oil, motor gasoline, and other products, rose to 1.600 billion barrels on March 21, up 3.5 million barrels week-on-week and 19.9 million barrels year-on-year. Gasoline inventories decreased by 1.4 million barrels last week, while distillate fuel inventories dipped by 0.4 million barrels, with propane/propylene inventories falling by 0.2 million barrels.
Refinery inputs averaged 15.8 million barrels per day last week, up 87,000 barrels per day from the previous week, reflecting higher demand. Gasoline production decreased to 9.2 million barrels per day, and distillate fuel production also fell to 4.5 million barrels per day.
U.S. crude oil imports rose to 6.2 million barrels per day last week, an increase of 810,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 5.7 million barrels per day, 11% less than the same period last year.
Analysts predict that U.S. crude oil inventories will continue to decrease this week, with total products supplied over the last four weeks averaging 20.2 million barrels a day, up by 0.5% from the same period last year. Motor gasoline supplied averaged 8.9 million barrels per day, down 0.2%, while distillate fuel supply rose 1.8% year-on-year. Jet fuel demand also showed strength, increasing 3.9% over the past four weeks.
This report highlights the ongoing impact of supply and demand dynamics on U.S. oil markets, offering insights into the current state of inventories and future trends.
