Crude oil inventories continue to bloat, rising 9.5 million barrels in the February 10 week to 518.1 million, up 9.6 percent year-on-year. The large weekly increase follows an outsized 13.8 million barrel rise in the prior week and makes it the sixth weekly build in a row. Product inventories were mixed, with motor gasoline rising 2.8 million barrels to 259.1 million, up 0.1 percent year-on-year, while distillates declined by 0.7 million barrels to 170.1 million, up 4.7 percent from a year ago.
Crude oil imports fell to an average of 8.5 million barrels per day, down 881,000 barrels per day from the prior week. The average of daily imports over the last 4 weeks remained steady, however, at 8.5 million barrels per day, 9.9 percent above the year ago level.
Refineries operated at 85.4 percent capacity, down 2.3 percentage points from the prior week, and gasoline production decreased to an average of 9.0 million barrels per day while distillates fell to an average of 4.5 million barrels.
On the demand side, total products supplied over the last 4 weeks averaged 19.4 million barrels per day, down by 2.0 percent from the same period last year. Supplied motor gasoline averaged 8.4 million barrels per day, down by 5.3 percent from the year ago period, while distillates fuel supplied averaged 3.8 million barrels per day, 7.4 percent higher than a year ago.