US Crude Oil Inventories See Significant Increase

In a recent report released 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, experienced a notable increase of 6.2 million barrels. This brings the total to 439.8 million barrels for the week ending March 28.

Refinery Operations and Production Insights

Despite the rise in inventories, US crude oil refinery inputs saw a slight decrease, averaging 15.6 million barrels per day, which is 192,000 barrels per day less than the previous week's average. Refineries operated at 86% of their operable capacity last week. On a brighter note, gasoline production showed an upward trend, averaging 9.3 million barrels per day.

Imports and Total Petroleum Inventories

Crude oil imports into the country averaged 6.5 million barrels per day last week, marking an increase of 271,000 barrels per day from the previous week. Additionally, total commercial petroleum inventories rose by 5.4 million barrels, indicating a broader trend of increasing stockpiles.