Crude oil stocks rose 1.4 million barrels for week ending 5 March; Gasoline stocks fell for 3 million barrels; Distillate stocks decreased 2.2 million barrels; Propane/propylene stocks fell 1.5 million barrels; Other oils were flat; Total crude oil and petroleum stocks fell 5.3 million barrels.
Refinery utilization fell from 81.9% to 80.7%.
Crude oil and petroleum product net imports were at 9.4 million barrels. All categories of petroleum stocks are still at elevated levels.
The demand at this level is new normal; Stockpiles this high don’t warrant oil price this high.
Chart 1. Crude Oil Futures
Source: StockCharts.com
Chart 2. Weekly Change in U.S. Crude Oil and Distillates Stocks
Source: EIA
Chart 3. U.S. Total Crude Oil, Gasoline and Distillate Ending Stocks
Source: EIA
Chart 4. Change in U.S. Crude Oil and Distillates Stocks
Source: EIA
Chart 5. U.S. Refinery Capacity, Inputs, and Production
Source: EIA
Chart 6. Weekly U.S. Total Crude Oil and Petroleum Products Imports and Exports
Source: EIA
