Crude Inventory Increases 3.2 Million Barrels

(Updated - March 27, 2024 10:32 AM EDT)

• Crude Inventory 3.17M Barrels vs -704K Expected
• Cushing 2.1M
• Gasoline 1.3M vs -1.68M Expected
• Distillate -1.19M vs 234K Expected

Summary of Weekly Petroleum Data for the week ending March 22, 2024

U.S. crude oil refinery inputs averaged 15.9 million barrels per day during the week ending March 22, 2024, which was 148 thousand barrels per day more than the previous week’s average. Refineries operated at 88.7% of their operable capacity last week. Gasoline production decreased last week, averaging 9.2 million barrels per day. Distillate fuel production increased last week, averaging 4.8 million barrels per day.

U.S. crude oil imports averaged 6.7 million barrels per day last week, increased by 424 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.4 million barrels per day, 7.1% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 522 thousand barrels per day, and distillate fuel imports averaged 165 thousand barrels per day.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 3.2 million barrels from the previous week. At 448.2 million barrels, U.S. crude oil inventories are about 2% below the five year average for this time of year. Total motor gasoline inventories increased by 1.3 million barrels from last week and are about 1% below the five year average for this time of year. Finished gasoline inventories decreased, while blending components inventories increased last week. Distillate fuel inventories decreased by 1.2 million barrels last week and are about 6% below the five year average for this time of year. Propane/propylene inventories slightly decreased from last week and are 10% above the five year average for this time of year. Total commercial petroleum inventories increased by 5.3 million barrels last week.

Total products supplied over the last four-week period averaged 20.1 million barrels a day, up by 2.2% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.9 million barrels a day, up by 0.9% from the same period last year. Distillate fuel product supplied averaged 3.8 million barrels a day over the past four weeks, up by 2.2% from the same period last year. Jet fuel product supplied was up 0.4% compared with the same fourweek period last year.

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