Energy Preview: US Crude Oil Inventories Down 14% Below Five Year Average

31 Mar 2022 , 08:48 AM

The US crude-oil inventories dropped as refineries increased activity significantly, according to data released Wednesday by the Energy Information Administration. The US crude-oil stockpiles fell by 3.4 million barrels to 410 million barrels, and are now about 14% below the five-year average, the EIA said. Inventories are near three and half year low. Crude oil stored at Cushing, Okla., the delivery point for US stocks, fell by 1 million barrels from the previous week, to 24.2 million barrels. The US crude-oil production rose by 100,000 barrels a day from the previous week to 11.7 million barrels a day, according to the EIA.

Gasoline stockpiles edged up by 785,000 barrels to 238.8 million barrels while Gasoline production averaged 9.1 million bpd last week. In middle distillates, the EIA estimated an inventory increase of 1.4 million barrels for the week to March 25, with production averaging 5.1 million bpd. This compared with a middle distillate inventory draw of 2.1 million barrels for the previous week and average daily production of 5 million bpd.

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