Crude Stocks decline US Total Crude Oil Stocks Unexpectedly Decline in Week Ended March 3
10:42 AM EST, 03/08/2023 (MT Newswires) -- US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 1.7 million barrels in the week ended March 3 following an increase of 1.2 million barrels in the previous week.
Excluding inventories in the SPR, commercial crude oil stocks declined by 1.7 million barrels after a 1.2-million-barrel increase in the previous week, compared with a 1.6-million-barrel increase expected in a survey compiled by Bloomberg.
Stocks in the SPR were unchanged for the eighth straight week.
Overall crude oil stocks fell 0.2% from the previous week and were down 14.1% from a year earlier. Crude oil inventories are about 7% above the five-year average for this time of the year.
Gasoline stocks fell by 1.1 million barrels, smaller than the 2-million-barrel decrease expected. Gasoline stocks were down 0.5% from the previous week and were 2.7% lower than in the same week a year earlier.
Distillate stocks rose by 100,000 barrels in the current week, compared with an expected decrease of 1.3 million barrels. Distillate stocks were up 0.1% from the previous week and were 7.4% higher than in the same week a year ago.
Refineries operated at 86% of their capacity, up slightly from 85.8% in the previous week.