According to the DOE/EIA weekly report, total crude oil and petroleum products stocks gained +6.32 mmb to 1061.47 mmb in the week ended March 23. Crude stockpile increased +7.10 mmb to 353.39 mmb as driven by a huge 5.98 mmb build at PADD III. Cushing stock alone rose +1.04 mmb to 39.56 mmb. Utilization rate increased +2.3% to 84.5%.

Gasoline inventory dipped -3.54 mmb to 223.37 mmb although demand increased +3.95% to 8.71M bpd. Production dipped -0.07% to 8.76M bpd while imports slipped -10.76% to 0.46M bpd. Distillate inventory declined -0.71 mmb to 135.87 mmb as demand gained +11.78% to 3.60M bpd. Imports slipped -5.17% to 0.17M bpd while production rose +0.80% to 4.29M bpd during the week.