Weekly Crude Inventory Report Highlights

In a recent update from the Energy Information Administration (EIA), the United States has witnessed a notable decrease in commercial crude oil inventories. Excluding the Strategic Petroleum Reserve (SPR), stocks fell by 3.34 million barrels to 433.6 million barrels for the week ending March 21.

Refinery Operations and Production

Oil refinery inputs saw an average of 15.8 million barrels per day (bpd), marking a decrease of 87,000 bpd from the previous week. Refineries were operating at 87% of their total capacity. Concurrently, gasoline production also declined, averaging 4.5 million bpd.

Import and Inventory Trends

Crude oil imports experienced an uptick, rising by 810,000 bpd to an average of 6.2 million bpd week-on-week. Despite the drop in crude inventories, total commercial petroleum inventories saw an increase of 3.2 million barrels during the same period.