U.S. Crude Stocks Rise as Imports Fall, Refinery Runs Hold Steady


   
Nicholas Bell
DTN Refined Fuels Market Reporter

   U.S. Crude Stocks Rise as Imports Decline, Refinery Runs Hold Steady

   TACOMA, WA (DTN) -- U.S. commercial crude oil inventories increased by 1.7 
million barrels to 437.0 million barrels in the week ending March 14, while 
imports declined and refinery activity remained stable, according to the latest 
Energy Information Administration data.

   Crude inventories, excluding the Strategic Petroleum Reserve, are 5% below 
the five-year average of 460.0 million barrels. Total commercial petroleum 
inventories increased by 1.6 million barrels last week.

   Crude imports averaged 5.385 million bpd, down 85,000 bpd from 5.470 million 
bpd the prior week. The four-week average for imports stood at 5.647 million 
bpd, 691,000 bpd lower than the 6.344 million bpd reported for the same period 
in 2024, a 11.0% decline. Crude exports rose sharply, climbing 1.354 million 
bpd to 4.644 million bpd in the week ended March 14, while domestic production 
remained nearly unchanged at 13.573 million bpd.

   Refineries processed 15.663 million bpd, a 45,000 bpd decrease from 15.708 
million bpd the previous week. Refinery utilization edged higher to 86.9%, up 
from 86.5% the prior week.

   Downstream, gasoline production climbed to 9.623 million bpd, up from 9.556 
million bpd, while distillate fuel output rose to 4.613 million bpd, compared 
to 4.462 million bpd the week before.

   In contrast, total motor gasoline inventories fell by 0.5 million barrels to 
240.6 million barrels, 2% above the five-year average of 235.7 million barrels.

   Distillate fuel stocks declined 2.8 million barrels to 114.8 million 
barrels, 6% below the five-year average of 122.1 million barrels. Jet fuel 
inventories fell 1.0 million barrels to 43.2 million barrels, while 
propane/propylene stocks dropped 1.9 million barrels to 43.3 million barrels, 
12% below the five-year average of 49.2 million barrels.

   Total products supplied over the last four weeks averaged 20.601 million 
bpd, up 2.5% from 20.092 million bpd a year earlier.

   Motor gasoline demand was 8.817 million bpd, nearly unchanged from 8.809 
million bpd in the same period of 2024. Distillate demand rose 8.3% to 4.010 
million bpd, up from 3.786 million bpd last year, while jet fuel demand 
increased 5.2% to 1.845 million bpd, up from 1.569 million bpd.

   With imports at multi-week lows and middle distillate inventories 
tightening, refining margins and product demand trends remain closely watched 
as the market moves into spring.




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