U.S. Crude Oil Stockpiles Surge to 7-Month High

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U.S. commercial crude oil inventories, excluding the Strategic Petroleum Reserve, increased 4.1 million barrels, or 1.1%, last week to 376.4 million barrels, the highest in seven months and up 10.5% from last year’s levels, according to the Energy Information Administration.

Nationwide crude supplies, which are the largest since the 380.1 million barrels on hand during the week ended July 20, are “well above the upper limit of the average range for this time of year,” the administration said in its Weekly Petroleum Status Report February 21.

Total motor gasoline inventories decreased 2.9 million barrels, or 1.2%, during the week ended February 15 to 230.4 million barrels. Distillate fuel inventories decreased 2.3 million barrels, or 1.8%, last week to 125.9 million barrels and are “near the lower limit of the average range for this time of year.”

At U.S. refineries, crude oil inputs averaged 14.18 million barrels per day during the week, down 0.9% from the previous week and down 4.8% from a year ago. Refineries operated at 82.9% of operable capacity, down from 83.8% the previous week and 85.5% a year ago.

Finished gasoline production rose 0.4%, averaging about 8.94 million barrels per day, while distillate production fell 2.1%, averaging 4.27 million barrels per day.

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