US crude imports increasing due to slack demand and strong domestic output
U.S. crude oil imports averaged 8.9 million barrels per day last week, down by 105 thousand barrels per day from the previous week. Over the last four weeks, crude oil imports have averaged 9.1 million barrels per day, 783 thousand barrels per day above the same four-week period last year.
Commercial oil inventories rose 1.9 MM barrels in the February 4 week to 345.1 million for a fourth straight build. Gasoline inventories rose 4.7 million barrels for a sixth straight large build. The build underway in gasoline is due to a combination of strong output and soft demand, the latter down 0.3 percent for the first year-on-year decline in two months.
Moving under $87.50, West Texas Intermediate, in mixed reaction, first rose and then dipped following today's results.