Crude oil inventories rose 1.6 million barrels in the March 31 week to 534.0 million, up 7.4 percent from last year at this time. Product inventories decreased again, however, with gasoline down 0.6 million barrels to 239.1 million, 2.0 percent below the year ago level, and distillates down 0.5 million barrels to 152.4 million, a 6.5 percent decline from a year ago.
Imports of crude oil fell in the week, averaging over 7.9 million barrels per day, down 374,000 barrels per day from the prior week. Over the last 4 weeks, imports averaged 7.9 million barrels per day, 2.3 percent above the same period last year.
Refineries operated at 90.8 percent of their operable capacity, up 1.5 percentage points from the previous week. But gasoline production decreased, averaging 9.5 million barrels per day, while distillates production rose slightly to 5.0 million barrels per day.
On the demand side, total products supplied over the last 4 weeks averaged 19.6 million barrels per day, up 0.4 percent from the same period last year. Of this amount, supplied gasoline averaged 9.3 million barrels, down 0.6 percent from last year, while distillate fuel supplied averaged 4.2 million barrels, up a sharp 13.9 percent year-on-year. Jet fuel supplied was also up sharply year-on-year for the period, averaging 1.7 million barrels per day, 14.9 percent above the year ago level.