US Crude Oil Inventories See Significant Rise

In a recent report by the Energy Information Administration (EIA), it was revealed that commercial crude oil inventories in the United States, excluding the Strategic Petroleum Reserve, surged by 6.2 million barrels to 439.8 million barrels in the week ending March 28.

Inventory Levels and Refinery Operations

Currently, the country's inventories are about 4% below the five-year average for this time of year. US crude oil refinery inputs averaged 15.6 million barrels per day, marking a decrease of 192,000 barrels per day from the previous week's average.

Production and Import Trends

Refineries operated at 86% of their operable capacity last week, while gasoline production saw an increase, averaging 9.3 million barrels per day. Additionally, crude oil imports in the country averaged 6.5 million barrels per day, up by 271,000 barrels per day from the previous week.

Total commercial petroleum inventories experienced a notable climb, increasing by 5.4 million barrels last week.