Crude Stocks and Refinery Utilization Show Variations Amid Weekly Report

Strategic Insights -

Crude oil stockpiles in the United States saw significant fluctuations last week, with the American Petroleum Institute (API) and the Department of Energy's Energy Information Administration (EIA) releasing conflicting data. According to the API, crude stocks for the week ended March 17 fell 407,000 barrels to 325.6 million barrels, while the EIA reported a 600,000 barrel increase in crude stocks to 326.4 million barrels. Additionally, the API reported that refinery utilization fell 1.9 percentage points to 89.8% from 91.7% the previous week.

Key Takeaways:

  • API reported a 407,000 barrel decrease in crude stocks for the week ended March 17, while the EIA reported a 600,000 barrel increase.
  • Crude inventories are down 15.6 million barrels from levels reported a year ago, according to the API.
  • The API reported a 3.5 million barrel draw in motor gasoline stocks, down 4.4 million barrels from last year's levels.
  • EIA reported a 3.2 million barrel draw in gasoline stocks, but inventories are 1.5 million barrels higher than levels reported last year.
  • API reported a 209,000 barrel increase in distillate fuel oil stocks, up 17.8 million barrels from levels reported a year ago.
  • EIA reported a 400,000 barrel increase in distillate stocks, up 15.8 million barrels from last year's levels.

Statistics:

  • Crude stocks: 325.6 million barrels (API), 326.4 million barrels (EIA)
  • Crude stocks change: -407,000 barrels (API), +600,000 barrels (EIA)
  • Motor gasoline stocks: 218.3 million barrels (API), 221.9 million barrels (EIA)
  • Motor gasoline stocks change: -3.5 million barrels (API), -3.2 million barrels (EIA)
  • Distillate fuel oil stocks: 120.1 million barrels (API), 117.5 million barrels (EIA)
  • Distillate fuel oil stocks change: +209,000 barrels (API), +400,000 barrels (EIA)
  • Refinery utilization: 89.8% (API)
  • Total input: 13.6 million barrels per day (API)
  • Crude imports: 6.4 million barrels per day (API)

Sources:

  • American Petroleum Institute (API)
  • Energy Information Administration (EIA)
  • American Gas Association