EIA: US Crude Inventories Up By 7.2million bbl

US crude oil inventories for the week ended Mar. 29, excluding the Strategic Petroleum Reserve, jumped 7.2 million bbl from the previous week, data from the US Energy Information Administration (EIA) showed.

At 449.5 million bbl, US crude oil inventories are at the 5-year average for this time of year, the report indicated.

Separately, the American Petroleum Institute said its own estimates showed US crude inventories increased by 3 million bbl for the week.

EIA said total motor gasoline inventories decreased by 1.8 million bbl and are about 2percent above the 5-year range. Finished gasoline inventories increased while blending components inventories decreased last week. Distillate fuel inventories decreased by 2 million bbl and are about 6percent below the 5-year average for this time of year.

Propane-propylene inventories increased by 1.6 million bbl last week and are about 17percent above the 5-year average for this time of year, EIA said.

US refinery inputs averaged 15.8 million b/d for the week ended Mar. 29, about 18,000 b/d more than the previous week’s average. Refineries operated at 86.4percebt of capacity.

Gasoline production increased, averaging 9.8 million b/d. Distillate fuel production decreased, averaging 4.9 million b/d.

US crude oil imports averaged 6.8 million b/d, up by 223,000 b/d from the previous week. Over the last 4 weeks, crude oil imports averaged 6.7 million b/d, 12.1percent less than the same period last year. Total motor gasoline imports averaged 746,000 b/d. Distillate fuel imports averaged 144,000 b/d.

Source: OGJ

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