Total commercial oil stock levels increased 8.7 mil bbls last week, well above the 2.6 mil bbls expected. The 52-week average is down -2.4% YoY, up from -2.5% YoY in the week before. Total motor gasoline stock levels increased 2.2 mil bbls, also above expectations of a 1.2 mil bbls increase.

Domestic production bounced back last week to 13.48 mil b/d, from 13.24 mil b/d in the week before. Net imports remained high despite a small decline WoW to 2.58 mil b/d. Refinery inputs saw a slight increase of 159k b/d to 15.35 mil b/d. The strong inventory build came as a result of domestic production rebounding at the end of January and persistently high net imports.

Product supplied was basically unchanged at 21.08 mil b/d, up 848k b/d from a year ago. The 4-week average is up 3.3% YoY as a result of higher fuel oil supplied vs a year ago.