US crude stocks rise, gasoline and distillate inventories fall - EIA

• Crude inventories rose 3.8 million barrels, more than triple the 1.1 million-barrel increase analysts expected, bringing total stocks to 443.1 million barrels
• Gasoline stocks fell 3.7 million barrels to 249.5 million barrels, exceeding the expected 2.6 million-barrel draw, while distillate inventories dropped 1.3 million barrels versus expectations of a 0.7 million-barrel decline
• Refinery utilization increased 1.6 percentage points to 90.8%, with crude runs rising 328,000 barrels per day, while net crude imports jumped 661,000 barrels per day

US Crude Stocks Rise, Gasoline and Distillate Inventories Fall - Summary

Key Data Points

The Energy Information Administration (EIA) reported mixed inventory movements for the week ended March 6:

Crude Oil:

• Inventories rose 3.8 million barrels to 443.1 million barrels, significantly exceeding analyst expectations of a 1.1 million-barrel increase
• Cushing, Oklahoma storage hub increased by 117,000 barrels
• Net crude imports rose by 661,000 barrels per day

Refinery Activity:

• Crude runs increased by 328,000 barrels per day
• Utilization rates climbed 1.6 percentage points to 90.8%

Gasoline:

• Stocks fell 3.7 million barrels to 249.5 million barrels, exceeding the expected 2.6 million-barrel draw

Distillates (diesel and heating oil):

• Inventories declined 1.3 million barrels to 119.4 million barrels, surpassing the forecast 0.7 million-barrel drop

Market Implications

The larger-than-expected crude build suggests weaker demand or increased supply, potentially pressuring oil prices. However, the heightened refinery utilization at 90.8% indicates robust processing activity entering the spring maintenance season. The steeper-than-anticipated draws in gasoline and distillate inventories signal strong product demand, which could support refined product prices and margins. The divergence between rising crude stocks and falling product inventories reflects typical refinery ramp-up patterns as facilities prepare for peak driving season demand.