Crude oil commercial stocks increased 4.07 million bbls last week, above expectations of a 3.0 million increase.

• Despite that inventory levels are still down -3.5% compared to the 5-year average.
• Gasoline stock levels fell -3.0 million bbls, a surprise decrease when analysts expected a 1.5 million bbl build
• Total petroleum stocks (ex-SPR) are down 1.7% YoY.

Crude oil production was mostly flat at 13.49 million b/d and still trend about 4.7% above the trend a year ago.

• Net imports only fell -184k b/d to 2.4 million b/d, still up on a year ago.
• Product supplied saw a sharp decline of -1.45 million b/d to 19.6 million b/d as distillate fuel oil supplied and other oils supplied noted significantly drops to start February.