U.S. Crude Oil Stocks Rise by 1.4 Million Barrels in Week Ended March 1 -- Update

By Anthony Harrup

U.S. crude oil inventories rose modestly last week as refineries ramped up capacity use, according to data released Wednesday by the U.S. Energy Information Administration.

Commercial crude-oil stocks--excluding the Strategic Petroleum Reserve--were up by 1.4 million barrels, to 448.5 million barrels, in the week ended March 1, and were about 1% below the five-year average for the time of year, the EIA said.

Analysts surveyed by The Wall Street Journal had predicted crude stockpiles would rise by 1.3 million barrels.

Oil stored in the SPR increased by 706,000 barrels, to 361 million barrels.

The EIA estimated U.S. crude oil production at 13.2 million barrels a day, down by 100,000 from the previous week. Crude imports rose by 837,000 barrels a day, to 7.2 million barrels a day, while exports slipped by 91,000 barrels a day, to 4.6 billion barrels a day.

U.S. refineries ran at 84.9% of capacity, up from 81.5% the previous week.

Stocks of gasoline and distillate fuels decreased more than expected as demand rose. Gasoline stocks were down by 4.5 million barrels, at 239.7 million barrels, and were 2% below the five-year average, the EIA said. Demand for gasoline rose by 547,000 barrels a day, to 9 million barrels a day. Gasoline stocks were expected to decline by 1.4 million barrels, according to the Journal survey.

Inventories of distillate fuels fell by 4.1 million barrels, to 117 million barrels, or 10% below the five-year average, as demand increased by 538,000 barrels a day, to 4.1 million barrels a day. Distillate fuel stocks were expected to decrease by 400,000 barrels.

Crude oil futures extended gains following the report. West Texas Intermediate for April delivery was up 3.1%, at $80.59 a barrel, on the New York Mercantile Exchange. International benchmark Brent for May delivery was 2.4% higher on ICE Futures Europe, at $83.97 a barrel.

 
Change in U.S. oil inventories for the week ended March 1: 
 
                   Crude       Gasoline      Distillates         Refinery Use 
EIA data:           1.4          -4.5           -4.1                  3.4 
Forecast:           1.3          -1.4           -0.4                  1.0 
 

Note: Numbers in millions of barrels, with the exception of refinery use, which is in percentage points.

Write to Anthony Harrup at [e-mail]

(END) Dow Jones Newswires

03-06-24 1139ET