US Crude Oil Inventories fall 9.6M bpd v an expected build of 602.4K

U.S. crude oil refinery inputs averaged 16.2 million barrels per day during the week
ending March 15, 2019, which was 178,000 barrels per day more than the previous
week’s average. Refineries operated at 88.9% of their operable capacity last week.
Gasoline production increased last week, averaging 9.9 million barrels per day. Distillate
fuel production increased last week, averaging 4.9 million barrels per day.

U.S. crude oil imports averaged 6.9 million barrels per day last week, up by 186,000
barrels per day from the previous week. Over the past four weeks, crude oil imports
averaged about 6.6 million barrels per day, 11.2% less than the same four-week period
last year. Total motor gasoline imports (including both finished gasoline and gasoline
blending components) last week averaged 793,000 barrels per day, and distillate fuel
imports averaged 102,000 barrels per day.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum
Reserve) decreased by 9.6 million barrels from the previous week. At 439.5 million
barrels, U.S. crude oil inventories are about 2% below the five year average for this time
of year. Total motor gasoline inventories decreased by 4.6 million barrels last week and
are about 2% above the five year average for this time of year. Finished gasoline and
blending components inventories both decreased last week. Distillate fuel inventories
decreased by 4.1 million barrels last week and are about 4% below the five year average
for this time of year. Propane/propylene inventories increased by 1.0 million barrels last
week and are about 14% above the five year average for this time of year. Total
commercial petroleum inventories decreased last week by 12.6 million barrels last week.

Total products supplied over the last four-week period averaged 21.1 million barrels per
day, up by 2.8% from the same period last year. Over the past four weeks, motor gasoline
product supplied averaged 9.1 million barrels per day, down by 1.4% from the same
period last year. Distillate fuel product supplied averaged 4.2 million barrels per day over
the past four weeks, up by 8.2% from the same period last year. Jet fuel product supplied
was up 7.2% compared with the same four-week period last year.

EIA