US Crude Oil Inventories Rise

According to the latest report from the Energy Information Administration (EIA), commercial crude oil inventories in the United States, excluding the Strategic Petroleum Reserve, increased by 1.4 million barrels in the week ending March 7.

Refinery Operations and Gasoline Production

During the same period, US crude oil refinery inputs saw an average of 15.7 million barrels per day, marking an increase of 321,000 barrels from the previous week. Refineries operated at 86.5% of their operable capacity. However, gasoline production experienced a decline, averaging 9.6 million barrels per day.

Crude Oil Imports and Petroleum Inventories

Crude oil imports decreased by 343,000 barrels last week, averaging 5.5 million barrels per day. In addition, total commercial petroleum inventories witnessed a significant drop, decreasing by 6 million barrels.