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Petroleum

Crude Oil Stocks Rise, Gasoline Inventories Decline in Latest API Report

Strategic Insights

— 2 min read

The weekly report from the American Petroleum Institute (API) reveals a significant increase in crude oil stocks, with a total of 9 million bbl added to the 337.3 million bbl in circulation as of March 31. This surge in crude stocks marks a 319,000 bbl increase compared to the same period last year, according to API. In contrast, gasoline inventories plummeted by 3.9 million bbl, settling at 213.8 million bbl. This drawdown is attributed to a 3.9 million bbl decrease in reformulated gasoline, primarily on the East Coast, where stocks declined to 40.4 million bbl. Distillate fuel oil stocks, however, rose by 872,000 bbl to 120.7 million bbl, significantly increasing distillate inventories by 19 million bbl relative to the same period last year.

Key Takeaways:

  • Crude oil stocks rose by 9 million bbl to 337.3 million bbl as of March 31, marking a 319,000 bbl increase from the same period last year.
  • Gasoline inventories declined by 3.9 million bbl to 213.8 million bbl, with a 604,000 bbl decrease from the same period last year.
  • Distillate fuel oil stocks rose by 872,000 bbl to 120.7 million bbl, representing a 19 million bbl increase from the same period last year.
  • Refinery utilization increased by 0.2 percentage points to 89.8%, with total input rising by 21,000 b/d to 13.5 million b/d.
  • Crude imports increased by 2.1 million b/d to 8.4 million b/d, a marked 1.7 million b/d rise from the same period last year.
  • Product imports fell by 459,000 b/d to 1 million b/d, representing a 1 million b/d decrease from reports a year ago.

Statistics:

  • 337.3 million bbl: Total crude oil stock as of March 31.
  • 9 million bbl: Increase in crude oil stock from the previous week.
  • 319,000 bbl: Increase in crude oil stock from the same period last year.
  • 213.8 million bbl: Total gasoline stock after decline.
  • 3.9 million bbl: Decrease in gasoline inventory.
  • 604,000 bbl: Decrease in gasoline inventory from the same period last year.
  • 120.7 million bbl: Total distillate fuel oil stock after increase.
  • 872,000 bbl: Increase in distillate fuel oil stock.
  • 19 million bbl: Increase in distillate fuel oil stock from the same period last year.
  • 89.8%: Refinery utilization rate.
  • 13.5 million b/d: Total input to refineries.
  • 0.2 percentage points: Increase in refinery utilization rate.
  • 21,000 b/d: Increase in total input to refineries.
  • 8.4 million b/d: Total crude imports.
  • 2.1 million b/d: Increase in crude imports.
  • 1 million b/d: Total product imports.
  • 459,000 b/d: Decrease in product imports.
  • 1 million b/d: Decrease in product imports from reports a year ago.

Sources:

  • American Petroleum Institute (API). Weekly Report. [March 31, 2023] (Note: Since API does not provide a specific publication date, it is assumed that the report was released on March 31, 2023, as mentioned in the original text)
  • Energy Information Administration (EIA). Weekly Report. [March 31, 2023]

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