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WEEKLY PETROLEUM DATA FOR THE WEEK ENDING FEBRUARY 28, 2025
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 3.6 million barrels from the previous week. At 433.8 million barrels, U.S. crude oil inventories are about 4% below the five year average for this time of year. U.S. crude oil refinery inputs averaged 15.4 million barrels per day during the week ending February 28, 2025, which was 346 thousand barrels per day less than the previous week’s average. Refineries operated at 85.9% of their operable capacity last week. Gasoline production increased last week, averaging 9.6 million barrels per day. Distillate fuel production decreased last week, averaging 4.6 million barrels per day. U.S. crude oil imports averaged 5.8 million barrels per day last week, decreased by 106 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.0 million barrels per day, 10.7% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 603 thousand barrels per day, and distillate fuel imports averaged 269 thousand barrels per day. Total motor gasoline inventories decreased by 1.4 million barrels from last week and are 1% above the five year average for this time of year. Finished gasoline inventories increased, while blending components inventories decreased last week. Distillate fuel inventories decreased by 1.3 million barrels last week and are about 6% below the five year average for this time of year. Propane/propylene inventories decreased by 2.9 million barrels from last week and are 4% below the five year average for this time of year. Total commercial petroleum inventories decreased by 4.6 million barrels last week.
Total products supplied over the last four-week period averaged 20.2 million barrels a day, up by 3.4% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.5 million barrels a day, up by 0.9% from the same period last year. Distillate fuel product supplied averaged 4.0 million barrels a day over the past four weeks, up by 7.1% fromthe same period last year. Jet fuel product supplied was up 1.3% compared with the same four weeks last year.
OIL DROPS FURTHER, DOWN 3%
The prices of oil futures continued to go down on Wednesday, slumping 3% as the United States Energy Information Administration (EIA) revealed that commercial crude oil inventories in the country rose by 3.6 million barrels. The price was also likely affected by worries over the global economic outlook as tariff wars set off. Furthermore, a Reuters survey showed that the Organization of Petroleum Exporting Countries (OPEC) oil production grew in February and was up 170,000 barrels per day from January, with the cartel showing no signs that it would abandon its plan to boost output starting in April. West Texas Intermediate for April deliveries nosedived 3.05% at 10:42 am ET, going for $65.75 per barrel. Brent for May settlements slid 3.03% a minute later, selling at $68.85 a barrel.
