Commercial crude oil inventories in the United States declined in the past week as refinery inputs declined while imports increased slightly.
- Commercial crude oil inventories for the week ending March 18, 2022, declined by 2.5 million barrels to 413.4 million barrels, bringing inventories down 13% lower than the five-year average for this time of the year.
- Decreases were seen in the inventories of total motor gasoline, distillate fuel, and total commercial petroleum. Increases were reported in inventories of finished gasoline and propane/propylene.
- Refinery inputs for the week averaged 15.9 million barrels daily, up by 276,000 from the previous week as refineries operated at 91.1% of their operable capacity. Gasoline and distillate fuel production increased.
- The average of crude oil imports stood at 6.5 million barrels per day, higher by 92,000 barrels per day. Motor gasoline imports averaged 721,000 barrels per day, and distillate fuel imports averaged 172,000 barrels per day.
Total products supplied in the last four weeks averaged 21.0 million barrels a day, up 11.7% from the comparable period in 2021.
OIL is up 5.04%, while USO is up 4.71%.