Crude oil inventories rose 0.6 million barrels in the February 17 week to 518.7 million, up 8.9 percent from last year at this time. Product inventories declined, however, with motor gasoline down 2.6 million barrels to 256.4 million, unchanged from the level a year ago, and distillates down 4.9 million barrels to 165.1 million, up 2.7 percent year-on-year.
Crude oil imports fell sharply, averaging 7.3 million barrels per day in the week, down 1.2 million barrels per day from the previous week. Average imports over the last 4 weeks ran at 8.4 million barrels per day, 7.5 percent above the level in the same period last year.
Refineries operated at 84.3 percent of their operable capacity, down 1.1 percentage points from the prior week. Gasoline production nevertheless increased to an average of 9.4 million barrels per days, though distillate production fell, averaging 4.5 million barrels per day.
On the demand side, total products supplied over the last 4 weeks averaged 19.8 million barrels per day, up by 0.7 percent from the same period last year. Of this amount, supplied motor gasoline averaged 8.6 million barrels per day, down 5.2 percent from the year ago period, while distillates supplied averaged 4.0 million barrels per day, up a sharp 14.4 percent year-on-year.