U.S. crude inventories soared by over 9 million barrels last week.
Data collected by the U.S. Energy Information Administration shows that U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, increased by 9.5 million barrels from the previous week.
Total commercial petroleum inventories increased by 11.1 million barrels for the week ended on February 10.
At 518.1 million barrels, U.S. crude oil inventories are now “above the upper limit of the average range for this time of year,” the EIA said.
Total motor gasoline inventories gained 2.8 million barrels last week and ended the week above the upper limit of the average range.
U.S. crude oil imports averaged 8.5 million barrels per day last week, an 881,000 bpd decline from the previous week.
Over the last four weeks, crude oil imports averaged 8.5 million barrels per day, a 9.9 percent increase compared to the same four-week period last year.
Total motor gasoline imports, including both finished gasoline and gasoline blending components, last week averaged 604,000 barrels per day.
Distillate fuel imports averaged 216,000 barrels per day last week.
Both finished gasoline inventories and blending components inventories also increased last week.
Distillate fuel inventories declined by 700,000 barrels last week but are above the upper limit of the average range for this time of year.
Propane/propylene inventories fell 2.6 million barrels last week but are in the middle of the average range.
Total products supplied over the last four-week period averaged about 19.4 million barrels per day, down by 2 percent from the same period last year.
Over the last four weeks, motor gasoline product supplied averaged over 8.4 million barrels per day, down by 5.3 percent from the same period last year.
Distillate fuel product supplied averaged 3.8 million barrels per day over the last four weeks, up by 7.4 percent from the same period last year.
Jet fuel product supplied is down 3.3 percent compared to the same four-week period last year.
U.S. crude oil refinery inputs averaged about 15.5 million barrels per day during the week, a 435,000 bpd decline from the previous week’s average.
Refineries operated at 85.4 percent of their operable capacity last week.
Gasoline production decreased last week and averaged about 9.0 million bpd.
Distillate fuel production decreased last week, averaging over 4.5 million bpd.