US commercial crude stocks failed to fall for the sixth straight reporting week data from the Energy Information Administration showed Wednesday, climbing 1.13 million barrels over the week ended February 22 to 377.518 million barrels, despite a sharp increase in refinery utilization and a decline in domestic production.
The overall increase in commercial crude stocks supported data released by the American Petroleum Institute on Tuesday, which showed a 904,000 barrel rise. Analysts polled by Platts on Monday anticipated a 2.6 million barrel increase.
Crude oil stocks increased along the East Coast (up 600,000 barrels) and the Gulf Coast (up 1.1 million barrels) though they declined in the other three reporting districts. In the Midwest, crude stocks fell by 200,000 barrels -- nearly half of which was due to a 75,000 barrel decline in stocks at Cushing, Oklahoma, delivery point of the NYMEX crude futures contract. Stocks at the storage hub stood at 50.584 million barrels, down from 50.659 million barrels the week previously.
Refinery utilization jumped by 2.2 percentage points nationally to 85.1%, increasing in four of the five reporting districts, while crude oil inputs increased by 335,000 b/d to 14.511 million b/d. The Midwest saw the sharpest increase in crude oil inputs -- up 113,000 b/d to 3.475 million b/d -- after refinery utilization in the region increased by 3.1 percentage points to 91.6% of total capacity.
Domestic crude production declined by 22,000 b/d to 7.096 million b/d, but imports increased by 269,000 b/d. Imports increased in four of the five reporting districts - jumping by 216,000 b/d in the Midwest and by 151,000 b/d along the West Coast -- but declined by 172,000 b/d along the East Coast.
GASOLINE STOCKS FALL; DISTILLATES INCREASE 1ST TIME IN 4 WEEKS
US gasoline stocks continued to decline over the course of the reporting week, falling 1.857 million barrels to 228.495 million barrels as an increase in implied demand outpaced growth in both domestic production and product imports.
Gasoline inventories have fallen over the last three reporting weeks to the tune of 5.540 million barrels, despite largely flat demand. Over the week ended February 22, implied gasoline demand increased by 160,000 b/d to 8.597 million b/d, its highest level since the week ended December 21.
Along the East Coast -- home of the New York Harbor-delivered NYMEX contract -- gasoline stocks increased by 300,000 barrels to 59.8 million barrels. Inventories fell sharply along the Gulf Coast, sliding 1.9 million barrels to 75.5 million barrels.
Gasoline production increased by 275,000 b/d to 9.211 million b/d as refiners increased utilization, while imports of the fuel rose by 70,000 b/d to 575,000 b/d. The increase in gasoline imports was particularly concentrated along the East Coast -- where imports rose 48,000 b/d to 495,000 b/d -- and the US Gulf Coast -- where imports rose a surprising 63,000 b/d to 65,000 b/d. Imports declined along the West Coast by 43,000 b/d.
API data showed a 1.444 million barrel decline in US gasoline stocks, while analysts had anticipated a 1.5 million barrel fall.
Distillate stocks increased by 557,000 barrels to 124.184 million barrels, marking the first upward tick in inventories since the week ended January 18. Implied demand for the fuel fell a sharp 306,000 b/d to 3.502 million b/d over the reporting week, while production increased by 212,000 b/d to 4.484 million b/d.
The increase in distillate inventories contradicts Tuesday's API data, which showed a 1.743 million barrel decline.
