US Crude Oil Inventories See Significant Increase

In a recent report by the Energy Information Administration (EIA), it was revealed that commercial crude oil inventories in the United States, excluding those in the Strategic Petroleum Reserve, have surged by 3.6 million barrels to reach a total of 433.8 million barrels in the week ending on February 28.

Refinery Inputs and Operations

During the same period, US crude oil refinery inputs averaged 15.4 million barrels per day, marking a decrease of 346,000 barrels per day from the previous week's average. Refineries operated at 85.9% of their operable capacity. Despite the decrease in refinery inputs, gasoline production saw an increase, averaging 9.6 million barrels per day.

Crude Oil Imports and Total Commercial Petroleum Inventories

Crude oil imports experienced a slight decline, dropping by 106,000 barrels per day to an average of 5.8 million barrels per day last week. Additionally, total commercial petroleum inventories fell by 4.6 million barrels in the preceding week.