US Crude Oil Inventories See Significant Increase

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, 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 surge in inventories, US crude oil refinery inputs saw a 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 capacity, while gasoline production showed an upward trend, averaging 9.3 million barrels per day.

Crude Oil Imports on the Rise

The report also highlighted an increase in crude oil imports, which averaged 6.5 million barrels per day, marking a rise of 271,000 barrels per day from the previous week. Additionally, total commercial petroleum inventories climbed by 5.4 million barrels, indicating a dynamic shift in the US oil market landscape.