Unexpected Rise in US Crude Inventories

In a surprising turn of events, the United States has reported a significant increase in its commercial crude oil inventories. According to the latest report from the Energy Information Administration (EIA), there was a 1.7 million barrel rise, bringing the total to 437.0 million barrels for the week ending March 14. This data excludes the Strategic Petroleum Reserve (SPR), highlighting a notable shift in the country's oil storage dynamics.

Refinery Operations and Gasoline Production

During the same period, oil refinery inputs saw a slight decrease, averaging 15.7 million barrels per day (bpd), which is 45,000 bpd less than the previous week. Despite this, refineries were operating at 86.9% of their operable capacity. On a brighter note, gasoline production experienced an uptick, averaging 9.6 million bpd, indicating a robust demand for gasoline among consumers.

Changes in Crude Oil Imports and Total Petroleum Inventories

Crude oil imports also saw a decline, dropping by 85,000 bpd week-on-week to average 5.4 million bpd. Meanwhile, total commercial petroleum inventories in the US increased by 1.6 million barrels last week, further emphasizing the current trends in the country's oil sector.