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Crude Oil · EIA · Energy Exports · Inventories
U.S. commercial crude oil inventories unexpectedly surged by 6.9 million barrels to 456.2 million barrels in the week ended March 20, according to the U.S. Energy Information Administration, marking a fifth consecutive weekly increase driven by a significant drop in exports.
This substantial rise defied a Wall Street Journal survey forecast for a 200,000-barrel decline, pushing crude stocks 0.1% above the five-year average. Inventories at Cushing, Oklahoma, the Nymex delivery hub, also increased by 3.4 million barrels to 30.9 million barrels.
The Department of Energy confirmed the Strategic Petroleum Reserve remained unchanged at 415.4 million barrels, despite a planned release of 172 million barrels to address supply disruptions in the Strait of Hormuz, part of a 400 million barrel commitment by International Energy Agency members. U.S. crude oil production slightly decreased by 11,000 barrels a day to just under 13.7 million barrels a day.
Crude imports fell by 730,000 barrels a day to 6.5 million barrels a day, while exports saw a sharp decline of 1.6 million barrels a day to 3.3 million barrels a day. Refinery utilization increased to 92.9% capacity, up from 91.4% the prior week, with crude input rising by 366,000 barrels a day to 16.6 million barrels a day, exceeding the Journal survey's forecast.
Gasoline inventories decreased by 2.6 million barrels to 241.4 million barrels, aligning with expectations and remaining 3% above the five-year average, as demand rose by 196,000 barrels a day to 8.9 million barrels a day. Conversely, distillate fuel stocks unexpectedly increased by 3 million barrels to 119.9 million barrels, contrary to the anticipated 1.8 million barrel draw, and are 0.4% below the five-year average.
