EIA: US crude inventories rose more than expected, but refined product drawdowns offset the impact
However, the overall fuel inventory expansion was offset by a sharp drawdown in refined product stocks. Most notably, distillate fuel inventories declined by 2.8 million barrels, leaving levels 6% below the five-year average.
The US Energy Information Administration (EIA) reported a 1.7-million-barrel increase in commercial crude inventories for the week ending 14 March 2025, bringing total stockpiles to 437 million barrels. While the build was 52.8% smaller than the previous week’s increase, it still exceeded market expectations of a 512,000-barrel rise.
However, the overall fuel inventory expansion was offset by a sharp drawdown in refined product stocks. Most notably, distillate fuel inventories declined by 2.8 million barrels, leaving levels 6% below the five-year average. Meanwhile, total motor gasoline inventories fell by a more modest 0.5 million barrels, resting 2% above the five-year average for this period.
Refinery utilisation edged up for a second consecutive week, rising 0.4 percentage points to 86.9% of operable capacity. Both gasoline and distillate fuel production increased, averaging 9.6 million barrels and 4.6 million barrels per day, respectively.
Finally, domestic production extended its uptrend, rising by 62,000 barrels per day to 13.57 million barrels per day.
Written by: Derek Yong