Crude oil inventories jumped up by an outsized 13.8 million barrels in the February 3 week to 508.6 million, posting the fifth weekly increase in a row and putting the year-on-year gain at 8.1 percent. Motor gasoline inventories fell by 0.9 million barrels to 256.2 million, up 0.2 percent year-on-year, while distillates remained unchanged at 170.7 million barrels, up 6.1 percent from the year ago level.
Crude oil imports swelled substantially, averaging 9.4 million barrels per day, up 1.1 million barrels per day from the prior week. Average imports over the last 4 weeks ran at 8.5 million per day, 10.0 percent above the level in the same period last year.
Refineries operated at 87.7 percent of their operating capacity, down 0.6 percentage points from the prior week, but gasoline production increased, averaging 9.8 million barrels per day, up by 700,000 barrels daily, as did distillate fuel production, which averaged 4.8 million barrels per day, up by 100,000 barrels daily.
On the demand side, total products supplied over the last 4 weeks averaged 19.9 million barrels, up by 0.3 percent from the same period last year. Supplied motor gasoline averaged 8.3 million barrels per day over the period, down 6.0 percent from the level a year ago, while distillate fuel averaged 3.9 million barrels per day, up 7.6 percent year-on-year.