U.S. crude oil refinery inputs averaged 16.0 million barrels per day during the weekending March 11, 2016, 85,000 barrels per day more than the previous week’s average.Refineries operated at 89.0% of their operable capacity last week. Gasoline productionincreased last week, averaging over 10.0 million barrels per day. Distillate fuelproduction increased last week, averaging 4.8 million barrels per day.U.S. crude oil imports averaged 7.7 million barrels per day last week, down by 355,000barrels per day from the previous week. Over the last four weeks, crude oil importsaveraged about 8.0 million barrels per day, 10.0% above the same four-week period lastyear. Total motor gasoline imports (including both finished gasoline and gasolineblending components) last week averaged 716,000 barrels per day. Distillate fuel importsaveraged 258,000 barrels per day last week.U.S. commercial crude oil inventories (excluding those in the Strategic PetroleumReserve) increased by 1.3 million barrels from the previous week. At 523.2 millionbarrels, U.S. crude oil inventories are at historically high levels for this time of year.Total motor gasoline inventories decreased by 0.7 million barrels last week, but are wellabove the upper limit of the average range. Finished gasoline inventories increased whileblending components inventories decreased last week. Distillate fuel inventoriesdecreased by 1.1 million barrels last week but are above the upper limit of the averagerange for this time of year. Propane/propylene inventories rose 0.2 million barrels lastweek and are well above the upper limit of the average range. Total commercialpetroleum inventories increased by 1.8 million barrels last week.Total products supplied over the last four-week period averaged over 19.7 million barrelsper day, up by 1.8% from the same period last year. Over the last four weeks, motorgasoline product supplied averaged 9.4 million barrels per day, up by 6.4% from thesame period last year. Distillate fuel product supplied averaged about 3.7 million barrelsper day over the last four weeks, down by 7.7% from the same period last year. Jet fuelproduct supplied is up 1.8% compared to the same four-week period last year.
Bullish report - who would have thought saying that at record storage but much better than expected and I found this interestingCushing +545kOil import -355kImports have been surging - a build at Cushing but not huge with this contango payout going on.