U.S. Crude Oil Refineries Hit 2-Year Capacity Low
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.
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