U.S. crude oil inventories rose 1.2% to 384 million for the week ending March 8, according to an Energy Information Administration report (link opens a PDF) released today. The EIA notes that this level is "well above the upper limit of the average range for this time of year."
Crude oil refinery inputs averaged 14.0 million barrels per day, relatively unchanged from the previous week. Refinery output dropped to 81% capacity for a new two-year low. At the same time, crude oil imports bumped up 3% to 7.73 million barrels per day.
According to The Wall Street Journal, a production pullback by refineries in 2013 has caused gasoline inventories to drop dramatically compared with crude oil trends. Gasoline inventories dropped 3.6 million barrels last week and currently hover within the average range.
Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
More from The Motley Fool
No Holiday Reprieve for 2 of the Biggest Retail Train Wrecks
Most department store chains have posted surprisingly strong results for the 2017 holiday season. However, these perennial laggards couldn't capitalize on the uptick in consumer spending.
3 Stocks That Could Put Amazon's Returns to Shame
These three tickers could be better bets than Amazon for new investors right now.
Will This iPhone Supplier’s Terrific Run Continue in 2018?
Lumentum's growing momentum in 3D sensing could help it overcome the weakness in the telecom segment.