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Petroleum

Crude Oil and Gasoline Supplies Fall for Week Ended Feb. 24

Strategic Insights

— 2 min read

Stocks of crude oil, gasoline, distillate, and residual fuel all declined for the week ended Feb. 24, according to data from the American Petroleum Institute (API) and the Energy Department's Energy Information Administration (EIA). The biggest drop in crude inventory was seen on the West Coast, where levels decreased by 4.1 million barrels to 79.2 million barrels. Colder weather boosted the heating oil market, with distillate stocks declining by 2.3 million barrels to 123.4 million barrels. Domestic producers increased their share of crude refined in the United States for the week to 57.7%, a significant rise from a week ago.

Key Takeaways:

  • Crude supplies fell by 4.4 million barrels to 323 million barrels for the week, according to API, while EIA reported a draw of 5.6 million barrels to 322.8 million barrels.
  • The West Coast saw the largest decline in crude inventory, with a decrease of 4.1 million barrels to 79.2 million barrels.
  • Refinery rates increased on the West Coast to 82.3% from 81.4% a week earlier, according to API.
  • Overall refinery activity remained unchanged, with the utilization rate at 88.9% and input at 13.4 million barrels per day (b/d).
  • Crude imports fell by nearly 1 million b/d, or 1.7%, from the previous week, with imports down 6% from year-ago levels of 6.1 million b/d, according to API.
  • Domestic producers boosted their share of crude refined in the United States for the week to 57.7%, a sharp increase from a week ago when foreign oil constituted 49.1% of crude refined, according to Pegasus Econometric Group.
  • Colder weather boosted the heating oil market, with distillate stocks declining by 2.3 million barrels to 123.4 million barrels, according to API.
  • A 28,000 b/d increase in distillate production did little to offset higher demand for heating oil, especially on the colder East Coast, according to API.
  • Demand for heating oil was near a seasonal high at 3.5 million b/d, but still weaker than 3.9 million b/d a week ago, according to API.
  • Gasoline stocks fell 565,000 barrels to 220.6 million barrels, according to API.

Statistics:

  • Crude supplies fell by 4.4 million barrels to 323 million barrels for the week, according to API.
  • EIA reported a draw of 5.6 million barrels to 322.8 million barrels.
  • West Coast crude inventory decreased by 4.1 million barrels to 79.2 million barrels.
  • Refinery rates increased on the West Coast to 82.3% from 81.4% a week earlier, according to API.
  • Crude imports fell by nearly 1 million b/d, or 1.7%, from the previous week.
  • Domestic producers boosted their share of crude refined in the United States for the week to 57.7%.

Sources:

  • American Petroleum Institute (API)
  • Energy Department's Energy Information Administration (EIA)
  • Pegasus Econometric Group

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