US refinery throughput reaches three-month high

Oil

US refinery throughput increased by 440K b/d w-o-w to a three-month high of 15.81M b/d during the week ending 24 March, with refinery utilisation rising by 1.7% w-o-w to 90.3%, according to the latest weekly data from the US Energy Information Administration. Commercial crude oil inventories declined by 7.5M bbls w-o-w to 473.7M bbls, while Strategic Petroleum Reserve stocks remained unchanged at 473.7M bbls. Crude oil exports fell by 350K b/d w-o-w to 4.58M b/d, while imports also declined by 850K b/d w-o-w to 5.33M b/d, the lowest since March 2021.