EIA: US crude inventories declined as refineries exited seasonal maintenance
US commercial crude oil inventories declined in the week ending 21 March 2025, snapping a three-week streak of increases as refineries ramped up output. Stockpiles fell by 3.3 million barrels
US commercial crude oil inventories declined in the week ending 21 March 2025, snapping a three-week streak of increases as refineries ramped up output. Stockpiles fell by 3.3 million barrels to 433.6 million barrels, significantly exceeding expectations of a 956,000-barrel drop. This placed inventories approximately 5% below the five-year average for this time of year.
Refinery utilisation edged higher for a third consecutive week, reaching 87.0% of operable capacity, reflecting a gradual recovery from the maintenance season.
However, refined product drawdowns lagged expectations. Motor gasoline inventories fell by 1.4 million barrels, while distillate stocks declined by a modest 420,000 barrels—both below initial forecasts of a respective 1.6-million and 1.8-million-barrel draw.
Meanwhile, domestic crude production saw a marginal uptick of 1,000 barrels per day from the previous week, bringing total output to 13.574 million barrels per day.
Written by: Derek Yong