The DOE/EIA reported that total crude oil and petroleum products stocks declined -5.90 mmb to 1088.80 mmb in the week ended February 22. Crude stockpile increased +1.13 mmb to 377.52 mmb as inventory soared in 3 out of 5 PADDs. Cushing stock fell -0.08 mmb to 50.58 mmb. Utilization rate was up +2.20% to 85.1%.
Gasoline inventory dipped -1.86 mmb to 228.50 mmb as demand climbed +1.90% to 8.60M bpd. Production added +3.08% to 9.21M bpd while imports climbed +13.86% to 0.58M bpd. Distillate inventory added +0.56 mmb to 124.18 mmb as demand fell 8.04% to 3.50M bpd. Imports dipped -46.94 to 0.16M bpd while production added 4.96% to 4.48M bpd during the week.
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