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US Crude Oil and Gasoline Inventories Declined, While Distillate Stockpile Rose Last Week

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products stocks fell -3.94 mmb to 1185.58 mmb in the week ended March 30. Crude oil inventory declined -4.62 mmb to 425.33 mmb, amidst decreases in 4 out of 5 PADDs. Stockpile in PADD 3 slumped -6.95 mmb for the week. Cushing stock rose +3.67 mmb to 34.89 mmb. Utilization rate increased +0.7% to 93%. Meanwhile, crude production increased +0.26M bpd to 10.46M bpd for the week.

For refined oil products, gasoline inventory fell -1.12 mmb to 238.48 mmb although demand dropped -0.05% to 9.2M bpd. Production dropped -1.84% to 10.12M bpd while imports jumped +11.1% to 0.76M bpd during the week. Distillate inventory gained +0.54 mmb to 129.49 mmb as demand plunged -11.15% to 3.89M bpd. Production added +3.55% to 5.01M bpd while imports tumbled -34% to 0.1M bpd during the week.

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