EIA: Crude Stocks Near 3-Year High After 7th Weekly Rise

SECAUCUS, NJ (DTN) – U.S. commercial crude oil stocks rose for a seventh consecutive week in the week ended April 3, reaching near three-year highs, Energy Information Administration (EIA) data released Wednesday (4/8) showed. On the products front, stockpiles of gasoline, distillates and jet fuel continued to decline.

Crude stocks climbed by 3.1 million bbl to 464.7 million bbl during the profiled week. This level is 22.4 million bbl, or 5.1%, above year-ago levels. That was the highest since June 11, 2021, when inventories stood at 466.7 million bbl.

Crude oil exports averaged 4.149 million bpd in the profiled week, an increase of 877,000 bpd from the previous week. During the week profiled, crude imports averaged 6.324 million bpd, a 628,000 bpd increase from the week prior.

Crude balances at the Cushing, Oklahoma delivery point for WTI crude futures were basically unchanged at 31.5 million barrels, after a 520,000 bbl build the previous week.

Total motor gasoline inventories fell by 1.6 million bbl last week to 239.3 million bbl. During the prior week to March 27, gasoline stocks fell 586,000 bbl. Despite the latest weekly drop, gasoline stocks were still 3.3 million bbl, or 1.4%, higher than a year ago.

Distillate fuel inventories fell by 3.1 million bbl to 114.7 million bbl, extending the prior weekly decline of 2.111 million bbl. On a yearly basis, distillate stocks were 111.1 million bbl, or 3.6%, higher.

On the jet fuel front, stocks fell 600,000 bbl on the week to 43.3 million bbl. The latest change was still 2.4 million bbl, or 5.9%, above year-ago levels.
Refinery utilization decreased to 92% last week from 92.1% of operable capacity reported the prior week. Crude oil input into refineries averaged 16.25 million bpd during the week ended April 3, down by 129,000 bpd from the previous week’s average.

Total products supplied over the last four weeks averaged 20.801 million bpd, up 19,564 bpd from the same period a year earlier. Gasoline demand averaged 8.725 million bpd, up 8,595 bpd from the same period last year, while distillate demand averaged 4.017 million bpd, higher by 3,833 bpd year-over-year.